The international group of Santander banks introduced the One Pay FX payment solution two years ago. In 2018, however, they were implemented only in Great Britain, Poland, Brazil and Spain. Now, however, it operates in several other countries.
Santander and Ripple
The bank’s president, Ana Botín, claims that as much as half of the company’s international transfers per year can be handled by the Ripple application, which now also works, among others in United States.
Ed Metzger, director of One Pay FX technology, says that customers feel very comfortable using the new service.
– Ripple helps us deal with some of those problems that we have experienced in the past with some of our clients (…). When they make payments, they can see when the transfer will take place [do adresata] – explains Metzger. A bank customer can simply track the transaction in the same way as it does with cryptocurrency blockchains.
– In the areas where we launched the service, we can see that customers do more business with us, we see more transactions from the same group of customers (…). We’ve also seen some evidence that customers are changing their behavior. Because they understand that the service is faster, (…) it gives them confidence that the transfer will occur, we have seen some evidence that customers use it in a new way, a little closer to the standard domestic payment, and this customer behavior is very much for us positive – Metzger added.
Ripple and banks
He also claims that being part of RippleNet helped Santander himself establish new relationships with other financial institutions located around the world. According to him, the bank hopes to expand One Pay FX to new territories and other customer segments.
Santander is today the largest bank in the euro area in terms of market capitalization. It serves approximately 140 million customers around the world.
One Pay FX uses the Ripple payment notification system. The product is also an alternative to the international financial network Swift. It helps banks settle fiat-to-fiat transactions in real time and gives their clients full confidence that the funds will reach the recipient.