Santander Group will now start using Ripple’s technology in Latin America
“The bank is building a “payment corridor” that would let customers in Latin America send money to the U.S. instantly for free via One Pay FX, a mobile app that uses Ripple’s xCurrent software”, as reported to Coindesk. As of now the customers in the U.K. and Spain can send money to the U.S. over One Pay FX. As for if the platform will be run on Ripples XRP cryptocurrency that is an no. Ripple’s xCurrent is not the same as xRapid that is in fact run with the cryptocurrency XRP.
“Customers who were not doing international transfers are now using the service, customers who were using international transfer are now doing it more, and customers who had gone to use fintech competition have come back because of the One Pay offering,” Cedric Menager, CEO of One Pay FX, told CoinDesk.
Santander would not disclose volumes for the One Pay FX most can speculate that they have seen increase of 120% if not more. an will continue to grow as the they expand to new areas world wide.
There is also talk of a new service in the works called Pogo FX being developed that will target non-Santander customers in attempt to win them over from other banks. No work on what tech they will run this on as of yet.