The adoption of Ripple (XRP) and its payment platform by one of the largest Spanish banks has been one of the most viral cryptocurrency news lately on our site, making headlines almost every day this week.
The $80 billion Banco Santander officially announced the partnership with Ripple and the adoption of RippleNet into OnePay FX, which is a mobile application for cross-border payments developed by the banking giant.
Even though the partnership was officially announced in March of 2018, there were many intricacies of the collaborative work between the two companies which were not disclosed to the public.
Since March, the Ripple team explained that Banco Santander has been experimenting with RippleNet and other liquidity products available on its blockchain network. As the conglomerate began to pilot the blockchain-based solutions, Santander saw a new level of transparency, certainty, and speed that was unseen in the traditional finance sector.
The Head of Innovation at Banco Santander, Ed Metzger, said that the bank’s vision is to utilize xCurrent which is Ripple’s enterprise blockchain and therefore improve the lives of its customers. As Metzger stated:
“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.”
He also explained the core purpose of RippleNet with the infrastructure of the OnePay FX platform during his speech – accenting the seamless processing of cross-border transactions to ensure that international customers of the bank can send and receive money with ease.
“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,” Metzger added.
Right now, the question that many have is whether other banking giants will start adopting solutions like this for their payments. If that happens, the popularity of blockchain will certainly rise.
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