Ripple Partners Credit Agricole & Santander Join Hands to Boost Cross-Border Trade
- Banco Santander and Credit Agricole, both of Ripple Partners have come together to sign a memorandum of understanding (MOU) on July 15.
Santander is among the top 10 global banks and the largest bank in the eurozone by market capitalization. The bank serves 144 million customers and had EUR 981 billion in customer funds. Meanwhile, Crédit Agricole Group is one of the largest baking groups in Europe that serves 51 million customers.
🤝Santander and @Credit_Agricole sign an International Desk Collaboration Agreement to support companies in their internationalization and foreign trade process. https://t.co/CBgb6qE67b pic.twitter.com/1hl4o5Clme
— Banco Santander (@bancosantander) July 15, 2019
Through this new partnership, Banco Santander will be able to offer its clients in France, Italy, Ukraine, Romania, Serbia and Egypt banking facilities via Credit Agricole’s network.
“We have similar approaches to connectivity as well as a sector-focused approach. There is also an excellent geographical opportunity on both sides of the border,”
said John Carroll, Head of International and Transaction Banking, Santander UK.
On the other hand, Credit Agricole’s customers will gain access to financial support for those looking to trade internationally in 13 countries where Santander is located.
In early 2018, Credit Agricole started experimenting with Ripple for transferring the salaries while later that year, Santander became the first UK bank to send payments via Ripple and launching it as a commercial service.
Santander also launched One Pay FX, the first Ripple powered mobile app for cross-border payments using xCurrent. Most recently, Santander released the latest version of this app that helped them launch a new UK and Poland payment corridor.
Meanwhile, Ripple’s digital asset XRP is constantly losing value. Currently down 2.37 percent, XRP is trading at $0.307, down 92 percent from its all-time high at $3.84.