Santander UK Not Using XRP, Only xCurrent for International Payments in the US & 18 EU Countries via One Pay FX
Santander UK Bank revealed yesterday while responding to an XRP enthusiast on Twitter that they are using the digital asset XRP. However, today, it clarified that it has been simply a “misunderstanding” as the bank only uses xCurrent for international payments in various European Union countries along with the US through its app One Pay FX.
We are sorry, unfortunately due to a misunderstanding we have given incorrect information. We do apologise for the confusion this has caused. One Pay FX uses xCurrent only. You can find out more here: https://t.co/EGWMMqZhkA.
— Santander UK Help (@santanderukhelp) March 24, 2019
Back in April, 2018, the Bank had stated,
“The new service (Santander One Pay FX) uses xCurrent, a technology based on distributed ledgers owned by California-based Ripple.”
The global financial services provider, Santander UK serves millions of customers and has a turnover of over $80 billion. Banco Santander is a multinational commercial bank which is the fifth largest bank in Europe with US $1.4 trillion in total assets under management.
One Pay Fx app of Santander is powered by Ripple blockchain and recently reported a whopping growth of 230 percent in 8 months, from May to December 2018. Launched in May 2018, the first blockchain-based retail payment solution saw a massive growth since its release that attests to the performance of Ripple blockchain technology.
This enhanced payment solution offers its services in four regions viz. Spain, Brazil, the UK, and Poland. One Pay FX, as per the annual report, is a new service for international payments that allows its customers to make international payments of up to EUR 11,000 per day, in a quick and easy way.
Back in October, Ripple Lab had announced the partnership with banking giant, Banco Santander, for the bank to integrate RippleNet. Just last year during the Swell event of Ripple, Ed Metzger, the Head of Innovation at Santander said the bank is using xCurrent, another Ripple product to deliver
“excellent customer service.”
Meanwhile, the third largest digital asset has been gaining more liquidity with a number of new listings. Recently, Canadian exchange, CoinField added XRP as a base pair against over 130 trading pairs. Furthermore, despite the stringent laws in the Middle East, XRP has made its way onto Bahrain-based Rain, a Sharia-compliant crypto exchange where it will be tradeable against fiat currencies like UAE Dirham, Bahrain Dinar, Oman Rial, Saudi Riyal, Kuwaiti Dinar, and the US Dollar.
Live Ripple (XRP) Price:
1 XRP/USD =$0.2464 change ~ 2.46%
At the time of writing, XRP has been trading at $0.309 with 24-hours loss of 0.80 while managing the daily trading volume of over $591 million.