Ed Metzger Of Banco Santander Talks How The Bank Launched One Pay FX

Banco Santander, the world’s ninth-largest financial service company by revenue ($108.8 B) is one of the leaders in blockchain adaptability. The bank launched One Pay FX, the world’s first mobile application for cross-border payments powered by RippleNet in April 2018.

One Pay FX gives Santander’s customers the ability to make EUR and USD payments to Euro Zone countries and the U.S, respectively. International payments made on the app reach their destination within one day, versus three to five days on average for traditional wire transfers. With the launch of the service, Santander became the first bank to roll out a blockchain-based international payments service to retail customers in multiple countries simultaneously.

The bank’s Head of Innovation Ed Metzger spoke at the Swell 2108.

He began his speech by saying,

“We want to tell you about our journey with Ripple, and how we’ve used the technology to improve our customers’ lives.”

Santander's 140 million retail and commercial customers worldwide have new expectations for their international payments experience. Their retail customers, in particular, are looking for an experience that’s as personal, fast and reliable as other digital services today, such as two-way, instant messaging with anyone, anywhere, or booking a house on-demand worldwide.

Metzger added:

“We believe that financial services are moving to a world of open platforms where companies collaborate to deliver excellent customer service for their customers, and that’s at the core of what we’re doing with One Pay FX.”

Ripple’s blockchain technology enabled the bank to provide their customers with something they had never seen before: a new level of transparency, certainty, and speed.

Metzger added a few examples:

“One of our customers was in Italy on holiday and parked in the wrong place. He needed to pay a fine and didn’t have his banking card. He was able to use the app to immediately pay the fine, and stop his car from being towed away.”

He continued,

“It’s four or five clicks to do something that would have taken an awful, awful long time in the past.”

Banco Santander has ideas to continue to roll out OnePay FX in more countries in the coming months. Currently, the mobile application is available in the U.K. The service also provides on-demand international payments for customers in Spain, Brazil, and Poland.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,472FansLike
2,795FollowersFollow
4,195FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin to Follow the Equities Market Up or Down? One-Month Correlation Spikes to an All-Time High

Yet another week of weak price movement. The world’s leading digital asset is trading at $9,072, in red with 24 hours ‘real’ volume of just...

Public Mint Launches Its Blockchain; Over 200 Banks Plan to Support Its Digital Money

vPublic Mint, a firm founded by CNET founder Halsey Minor, has announced the launching of its ‘fiat-native’ public blockchain, which enables anyone to easily...

BTC Halving Week Brings in Record Monthly New Accounts & Doubles the Revenue for BlockFi

The past two months have been incredibly dull for the price of bitcoin, but it didn’t affect the businesses in the cryptocurrency space. The...

Currencycloud Partners with Ripple to Leverage RippleNet for Efficient Cross-Border Payments

Currencycloud - one of the global payment processing giants - has become the latest member of the RippleNet family and would help ripple in...

Coinbase Custody and IOHK Partner to Provide Institutional-Grade Staking For Cardano's ADA in Q4

IOHK, the lead developer of Cardano blockchain, and Coinbase Custody, the institutional-grade custodian launched by Coinbase Inc., announced a partnership to allow users to...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today