Banco Santander has teamed up with Ripple to develop a cross-border payments service called One Pay FX.
In 2014 the bank has launched an innovation fund called InnoVentures, aiming to invest in a range of digital technologies. One Pay FX was one of the services developed within this fund, with Ripple’s assistance, aiming to support international payments for Santander’s over 146 million retail and commercial customers around the world.
Santander launched One Pay FX in the UK, Poland, Brazil, and Spain. According to the official press release, cheap transaction fees and fast settlement speeds along with the enhanced transparency around every payment generated very positive customer feedback. At the moment, One Pay FX is live in six countries and payments can be sent to two dozen countries, including all the euro zone.