Santander Chairwoman: Ripple Tech is Safe and has No Limits
Santander OnePay FX is a foreign exchange service utilizing Ripple technology. It enables the process of international money transfers all in one day. The system’s blockchain-powered exchange operates in four countries.
Ana Botin, the platform’s executive chairwoman, recently stated that the platform expects to roll out a broader line of service features in other countries that can be utilized by various small businesses. The product’s availability may extent to financial institutions as well. One of the main questions that arises though is whether there are any limitations to the new roll out.
Botin discussed the point and stated that for the past two years, one banking system has been trialing the service among UK staff, and the process has been perfect. Further, even though blockchain is often considered to be capacity limited, the service has no limitations due to the volumes available.
Additionally, the blockchain-based solution works in a safe and fully compliant manner. The system also conducts payments in a faster, more cost-effective, efficient, safe, and secure manner. Given that the bank plans to implement the technology into several markets within the coming year shows that Santander is meeting its expectations.
The news is also beneficial for Ripple because it may boost the company and its cryptocurrency’s market cap. Japanese fintech company SBI Holdings recently publicly launched an application based on Ripple’s technology called MoneyTap, which enables mobile payments. The app providers for easier, cheaper, faster, and more flexible bank transfers.
At the moment, Ripple is one of the most popular cryptocurrencies and its technology is regularly used by banks, financial services, and banking institutions to conduct transactions on a global scale. Its XRP is third place among digital coins and is trading just above $0.27.