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Ripple and Santander to Create Blockchain-Based Foreign Payment App

Ripple is also partnering with multiple banks and groups including over 60 banking and financial institutions in Japan and South Korea. This could make Ripple systems implemented into more than several banking systems to support global cross payments in future.  

Ripple and Santander will roll out an app that will see the Spanish based banking group offering blockchain–based foreign exchange payments to its customers. Known as One Pay FX, the app will roll out in Spain, the U.K., Brazil, and Poland.

Transactions from the four countries can account for nearly half of the bank’s retail customers hence the launch of the four first. However, the banking group will roll it out to additional countries in future. It says that it may also extend the service to other financial institutions.

The app is built on Ripple’s distributed ledger technology. Specifically, the Ripple’s xCurrent platform — and has been in the development stage for two years now. The app was also tried among  Santander’s UK employees in 2016.

Although Ripple uses XRP cryptocurrency for cross-border payments, the app does not utilize the cryptocurrency.

The move signals the increasing popularity of blockchain in cross-border payments. Touted as facilitating fast and cost-effective transactions while increasing security, blockchain cross-border payment platforms. Since they are attracting a lot of attention currently even in the banking industry.

Into several partnerships

Ripple has also entered into many partnerships this year, including doing a series of tests. Thus it is over 60 banking and financial institutions in Japan and South Korea. Particularly, it is possible that Ripple will be implementing into more than several banking systems to support global cross payments in future.

What do you think is the future of global payments with blockchain in focus? Share your opinions with us on Twitter and Telegram

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David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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