Santander Bank Praises Ripple’s Payment Network And Says It Defeats Competition
Ripple’s products are becoming more and more appreciated by the big players in the financial industry in 2019 as well.
2018 was a successful year, and this one announces to be even more.
One Pay FX brings faster speeds than other competitors
Banco Santander just reported that Ripple-powered payments application One Pay FX is offering its customers the ability to send cross-border transactions at much faster speeds compared to the competitors in the field.
During the Santander International Banking Conference in Madrid, executive chairman Ana Botín addressed the excellent performance of the new mobile payments application which runs on Ripple’s blockchain software solution xCurrent.
“You can do FX transfers, real-time, between the UK and continental Europe. And you can 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,” they noted.
By comparison, the instant payments which are being processed by TransferWise, are only delivered within the UK using the instant EPS payment system.
The company’s explainer details that payment delivery in other locations in Europe and also across the world will definitely be much slower.
Santander and TransferWise can help change international payments
Santander and TransferWise are working to transform the traditional evolution of international payments.
These sometimes needed even two to three days in order to be able to complete a transaction.
Santander launched One Pay FX in April and offered millions of the customers that it has in Europe access to real-time cross-border payments.
Ripple has been trying to address all the shortcomings that have been flawing SWIFT which has been the traditional payments system preferred by various banks for a long time.
Ripple and SWIFT will address the critical issue of cross-border payments next month in an epic debate on the future of the financial system.