Banco Santander plans to expand Ripple payments network

An impressive partnership has been sealed between Ripple and Santander bank with plans to expand Ripple's payments network later this year

Major multinational bank Santander has confirmed that it will expand its use of Ripple payments after using the platform across six countries.

The bank’s executive chairman, Ana Botin, has now said that half of their annual international payments can be processed through the Ripple app, although it’s worth noting that currently Santander’s solution does not use Ripple’s token, XRP.

Santander launched the international payment solution One Pay FX in 2018 with it initially being deployed in the United Kingdom, Poland, Brazil and Spain.

According to an announcement on Ripple’s website, Ed Metzger, chief technology officer for One Pay FX, said: “Ripple helps us address some of those pain points that we have seen in the past with some of our customers, and that’s around being able to generate that certainty and that transparency along the transaction so that we can show that to our customers.

“When they’re making their payment, they can see how much is going to arrive, and they’ve got that certainty about the timing as well.”

The news comes just weeks after Ripple confirmed they were once again going to expand its remittance corridors to the APAC region following success between the United States and Mexico.

The notable amount of development behind the scenes at Ripple bodes well for the company as a whole in spite of its token, XRP, taking a battering in recent months.

As stated in Coin Rivet’s weekly XRP analysis, the world’s fourth largest cryptocurrency is struggled to gain bullish momentum to the upside as it stagnates around the $0.20 mark, which is 93.74% lower than its all-time high that was set in 2018.

For more news, guides and cryptocurrency analysis, click here.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

Previous Article

NEM and Wave announce launch of Kentucky whiskey fund

Next Article

Is DeFi the next bubble to strike cryptocurrency?

Read More Related articles