Santander Outperforming Competition Thanks To Ripple

The banking giant Santander has said that its Ripple powered payments app OnePay FX is providing its customers with the possibility to send cross-border transactions at much faster speeds than the competition.

Back at the Santander International Banking Conference in Spain, the executive chairman Ana Botin highlighted the performance of the new mobile payments app which will run on Ripple’s blockchain software solution xCurrent.

“You can do FX transfers, real-time, between the UK and continental Europe. And you can actually do Poland, Brazil and Chile – through Santander – for the same cost as Transferwise… and that is the reason why we need to really think about what is real reciprocity. The devil is in the details and the timing.”

In contrast, the instant payments that are processed by TransferWise are only delivered within the UK through the instant FPS payment system. According to a representative from the company, the payment delivery in other places around Europe and around the world isn’t as fast. Both Santander and TransferWise are playing a key role in transforming the classic pace of worldwide payments which have long taken two to three days to complete through conventional cross-border channels.

It was back in April when OnePay FX was launched by Santander which gave millions of customers in Europe access to real-time cross border payments. According to the Daily Hodl, Botin said that the technology is currently powering 50 percent of Santander Group’s FX payments.

“With this new initiative that is already in place, we’re actually covering 50% of all the FX payments that the Santander Group does annually. and it works really well, because the rails that we’re using – which, as you say, we’ve collaborated with Ripple – we’ve been testing those for two years, actually with our own employees. And it works. It’s safe. It’s fully compliant, and obviously, we’ve made sure we comply with all local regulations. So you’re in safe hands.”

In the end, though, the chairman has said that the banking giant is looking to stretch out the companies operations including OnePay FX and providing the choice for the non-banking customers to use the app to send money across the globe.


Source
Author: Robert Johnson
Image Credit

American Express: Ripple Powers Cross-Border Transactions ‘In a Matter of Seconds’

American Express is revealing the results of a pilot test of Ripple’s xCurrent solution for cross-border payments.

At the Wings of Change Europe conference in Madrid, Amex general manager of corporate payments Carlos Carriedo said Ripple’s technology has the potential to dramatically improve the sluggish status quo of international payments.

“We did a pilot. We did a test, partnering with Santander locally, and with Ripple to just do cross-border transactions.

Cross-border transactions continue to be complex and slow. And in a matter of seconds, through this test, our clients were able to transfer funds in a very transparent and seamless way, from one part of the world, to the other one.”

According to Carriedo, American Express sees a lot of potential in blockchain technology as a whole, and continues to invest in the technology.

“Blockchain is absolutely an option we’re looking at. Just to give you a sense, we have invested in a fintech lab based on blockchain technology, just to understand how to leverage this better…

So more to come. There’s still a lot of things that need to get addressed with blockchain as a technology. But it’s very promising.”

Back in November of 2017, American Express and Santander announced a partnership with Ripple to increase the speed of non-card transactions between the US and UK. Both Amex and Santander say they’re open to expanding the partnership worldwide, based on the results.


Source
Author: Daily Hodl Staff
Image Credit

First Mobile App Using Ripple Technology has Come to Market!

Some people may recall how Santander UK and Ripple are working together. Both firms want to improve International remittance flows through blockchain and digital assets. The first mobile application benefiting from this new technology is now live on the Apple App Store. OnePay FX lets users send Euro and Dollar transactions in mere minutes, rather than hours or days.

It is good to see Santander UK has come through on their XRP venture. More specifically, the firm acknowledges they are trialing Ripple technology for remittance solutions. Incorporating that technology into existing services and products is not all that easy. As such, the firm introduced the OnePay FX application for iOS. It lets users complete Dollar and Euro remittance transfers in quick succession.

OnePay FX Uses Ripple Technology
This particular application lets users spend up to 10,000 GBP per day. That is quite a steep amount, although it should be sufficient to keep most users satisfied. Users can convert from GBP to EUR and USD through the application itself. They can also see what the final amount to be received will be, to avoid any surprises. It also supports payments to individuals, rather than just companies, which is a nice touch.

This is the first application from Santander, which uses Ripple technology. Although it is unclear if this venture makes use of XRP, it is a positive development regardless. Although the app description doesn’t mention Ripple, it seems evident he correlation is certainly there. After all, remittance solutions can benefit from this blockchain technology in the future.

It is quite interesting to see how the public responds to this development. More specifically, there is a lot of hate for Ripple and XRP among cryptocurrency users. Even so, financial firms are quite keen on exploring this company and its technology. So far, things are coming together for Ripple in this regard. However, there’s still a lot of work to be done in the coming months and years.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author: JP Buntinx