Ripple’s partnership with Santander made headlines. As a part of their new service, OnePayFX, Santander are the first major European bank to use Ripple technology within a mainstream, customer focused service. What’s more, just a month after the project went live, Ana Bótin, The Executive Chair of Santander Group has already confirmed that at least 50% of Santander’s international transfers now occur on the Ripple blockchain, a frankly stunning statistic, given that according to Accuity, Santander is the 14th largest bank in the world in terms of asset wealth.
Yesterday, Ripple finally made some sort of official statement on the OnePayFX app. Of course, Ripple had confirmed that the app existed and had passed some comment about the service, however, until yesterday, we didn’t really see any official press release on the matter.
You can see the full release for yourself, here-
Alongside this, there’s a live, real-time demonstration of the OnePayFX app working. Within this, we see a transfer of $15.00, from the UK to the USA. Normally, this sort of transfer would take 3-5 days to confirm and to settle, meaning both parties would be in limbo, waiting for the payment to leave the UK and to arrive in the USA. The benefits of decentralisation and the power of the blockchain means that, with Ripple on side, Santander can facilitate this payment, instantly, as shown in the video.
Moreover, according to Ripple:
“With its mobile-first UI and blockchain infrastructure, the OnePay FX app offers remittance customers several new features: 1) the total cost of sending their payment, including bank fees and foreign exchange rates 2) a delivery time quote for improved transparency 3) and a receipt of payment for complete certainty. No other bank can provide this type of experience.”
“The deployment Santander’s OnePay FX is so revolutionary. It required technological innovation in the front, middle and back offices — a shift driven by an unwavering commitment to its customers.”
It is great to see this technology in action and it is fantastic to see such a high-profile bank, moving in, towards the blockchain. Rumours state that one day, Ripple XRP may see integration into the OnePayFX app, realistically this could very well be the case. If it is integrated as a currency, then, the app will become a total game-changer, opening up numerous new possibilities for cryptocurrency trading and investment, across borders.
We must consider that as it stands, the app is still in its early stages. OnePayFX was only launched a few months ago, yet, even so, Santander have confirmed that 50% of its cross-border payments now move through the Ripple blockchain, it’s stunning when you think about it.
Thank you, Santander, for moving this technology forward and thank you Ripple, for making it happen!