Famous $80 Billion banking giant, Banco Santander has adopted Ripple’s RippleNet for its payments platform, OnePay FX. This occurred after Ripple Labs announced the integration of RippleNet into OnePay FX and a mobile app for cross-border payment developed by Bank Santander.
There is still a question of details of the collaboration between Ripple Labs and Santander which was announced March 2018, owing to the fact that the intricacies of the partnership have not been brought public knowledge.
The Santander Payments Platform
Since the official launch, the Ripple team has explained in an official statement that Banco Santander has been conducting a trial with RippleNet as well as over similar product available via the blockchain network.
At the recent Ripple’s Swell Conference, Santander Head of Innovation Ed Metzger has reportedly aired his opinion about the bank’s vision as regards Ripple. He stated that the bank’s integration of Ripple is to utilize xCurrent, Ripple’s enterprise blockchain just to make meet the teeming demands of the customer, Metzger noted that:
“We believe that financial services is moving to a world of open platforms where companies collaborate to deliver excellent customer service for their customers, and that’s at the core of what we’re doing with OnePay FX.”
Metzger further explained in his speech that the primary target of RippleNet being in the OnePay FX platform is to ensure cross-border transfers are made easy to provide for international customers of Banco Santander, he added that:
“One of our customers was in Italy on holiday and parked in the wrong place. He needed to pay a fine and didn’t have his banking card. He was able to use the app to immediately pay the fine, and stop his car from being towed away. It’s four or five clicks to do something that would have taken an awful, awful long time in the past.”
The Future is Now with RippleNet
With RippleNet, the future of cross-border transfer is now as Banco Santander has embarked on the project of expanding OnePay FX to more European countries, Asia and even South America not limiting the Ripple-based OnePay FX app to customers in UK, Spain, Poland and Brazil alone.
Analysts have begun to see the similarity in the achievement of Ripple with Santander to its collaboration with SBI Holding and major banks in South Korea and Japan. The usual international payment which usually takes about days to weeks to compete has been made easy by Ripple through wire transfer. Metzger said; “People don’t have to plan ahead. They can send an international payment when they need to. That’s really powerful.”
With the resolve of Santander to keep relying on Ripple to process international transactions bearing in mind that Banco Santander is one of the biggest banks in the Eurozone but the question still remains; will more banks follow this path?