It is no secret that Ripple has gained the attention for their fast cross-border payments from both cryptocurrency and mainstream individuals alike.
Their speeds have brought them accolades in multiple industries, and this year should add up to a progressive and beneficial year for them again. One bank, Banco Santander, is singing its praises for improving their cross-border payment speeds after integrating Ripple’s support into One Pay FX, their payment application.
This application was highlighted by executive chairman Ana Botin during a Madrid event – the Santander International Banking Conferences. She sung the praises of the payment system, complimenting the Ripple Blockchain software’s performance.
Botin said, “You can do FX transfers, real-time, between the UK and continental Europe. And you can do Poland, Brazil, and Chile – through Santander – for the same cost as TransferWise. And that is the reason why we need to really think about what is real reciprocity. The devil is in the details and the timing.”
TransferWise uses the instant EPS system, though it only offers services within the UK. Other parts of the world, along with Europe, have seen incredibly slow processing speeds, according to a source from the company.
Some transactions can take up to two days to complete, though it has been revealed that both Santander and TransferWire are working to evolve their look of international payments.
Botin added, “With this new initiative that is already in place, we’re actually covering 50% of all the FX payments that the Santander Group does annually. And it works really well, because the rails that we’re using – which, as you say, we’ve collaborated with Ripple – we’ve been testing those for two years, actually with our own employees. And it works. It’s safe. It’s fully compliant, and obviously we’ve made sure we comply with all local regulations. So, you’re in safe hands.”
Santander already has the ability to offer real-time cross-border payments with the One Pay FX system. The traditional payments system that banks prefer, Swift, has been a project for Ripple, eliminating the issues that the system has.
However, both Ripple and Swift plan to have a debate on the future of the financial system next month, where they will discuss matters relating to cross-border payments.
So far, Ripple has already established 200 partnerships with financial institutions and banks, which they are planning to onboard with their services. Out of those institutions, Ripple said that JBFX, SendFriend, Transpaygo, FTCS, and Euro Exim Bank will be helping to source liquidity for XRP, while supporting the cross-border payments.