Santander’s Ripple-Powered Payments Platform Hits Half a Billion Dollars in Volume
Banking giant Banco Santander has now executed more than half a billion dollars worth of cross-border payments through its Ripple-powered remittance app.
Santander first launched the international payment solution One Pay FX in 2018 in the United Kingdom, Poland, Brazil and Spain. Since then, the app has also launched in Chile and Portugal, and it has processed $528.63 million in total remittances, according to a new update from the bank.
One Pay FX payments can also be sent to two dozen countries, including the entire eurozone, bank officials add.
The app uses Ripple’s payment messaging system, as opposed to Ripple’s native token XRP, to move money between currencies. The tech product, which is a competitor to the international financial network Swift, helps banks settle fiat-to-fiat transactions in real time by using messaging to clarify and verify transaction details.
After Santander posted its One Pay FX update via Twitter, several crypto enthusiasts questioned whether the bank also planned to use Ripple’s XRP-powered cross-border payment product, On-Demand Liquidity. They didn’t get a response.
Earlier this month, Santander executive chairman Ana Botín announced that half of the bank’s annual international transfers can now be handled by the Ripple app.