Banco Santander has recently announced that they are building a payment corridor that will enable their users in Latin America to send money to the US free of costs through One Pay FX. Currently, the One Pay FX app enables money transfers only between the U.K. and Spain.
Santander is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful market share in 10 core countries in Europe and the Americas and is the largest bank in the eurozone by market capitalization.
One Pay FX is backed by Ripple’s xCurrent payment platform. The app now powers over half of the FX payments of the banking giant and works well and the company had been testing it for a couple of years with their employees. The application works and it is safe, in compliance with all local regulations. Through this app, retail customers can make a payment of up to 10,000 GBP a day to the US, eurozone countries, and Poland at a decent exchange rate.
Cedric Manager, CEO of One Pay FX, speaking to One Pay FX said:
“Customers who were not doing international transfers are now using the service, customers who were using international transfers are now doing it more, and customers who had gone to use fintech competition have come back because of the One Pay offering.”
Back in March, Santander bank wrongly gave the Ripple fans hope after confusing XRP with Ripple, clarifying it is only using xCurrent. However, its latest version that is xCurrent 4.0 provides seamless access to xRapid that leverages the digital asset.
Santander’s One Pay FX makes it possible for customers to complete international transfers on the same day in many cases or by the next day. The service also shows them the exact amount that will be received in the destination currency before they make the transfer.