Santander’s Ripple-Powered One Pay Fx To Be Launched In The US, Offering Remittances To Mexico

  • In the coming year, we’ll be seeing “good results” of this partnership
  • Also, the bank will be announcing “very interesting remittances” next week

Ripple partner Banco Santander is all set to launch its blockchain-based payment solution to a new corridor, U.S.-Mexico.

While speaking with Bloomberg on Nov. 20, Banco Santander SA Chairman Ana Botin shared that the announcement for the same will be made next week as she said, “We are actually announcing next week a very interesting remittances.”

Talking about the U.S.-Mexico remittance market, she further shared how they will add value to the customers of this lucrative market.

“At the other end of the spectrum there is millions of Mexicans that are sending I think 35-36 billion every year from the U.S. to Mexico. We're launching a fast competitive remittances program initially just from the Santander branches to any bank in Mexico. So there's a lot of things we can add and bring value to the US consumer.”

Recently, John Whelan, the Managing Director of Digital Investment Banking at Banco Santander revealed that they are running their blockchain-based payment system in four corridors, Brazil, Mexico, the UK, and Spain and will soon be on all 10.

Though she didn’t explicitly mention Ripple here, further in her discussion, she revealed that they are going to launch a retail cross-border payment solution called One Pay FX with Ripple.

“We are launching One Pay FX which is a blockchain-based retail cross-border payment with Ripple, a US company (…) that's coming to the US and we're going to do open bank.”

Launched in April 2018, blockchain-based One Pay FX was made available to retail customers in Spain, UK, Brazil, and Poland that complete international transfers on the same day or by the next day. Botin added,

“We created the North American region, Mexico-U.S. We're now running a lot of these businesses together, so you'll see good results in the coming years.”

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