September 19, 2021

Santander Expands Ripple Cross-Border Payment Platform with New Corridors

Santander Expands Ripple Cross-Border Payment Platform with New Corridors

Banking giant Santander announces intention to increase cross-border payment platform coverage based on Ripple The technology will be integrated in 6 more corridors.

During a speech at a conference organized byJohn Whelan, Head of Digital Investment Banking at Santander, Institute of International and European Relations, shared with the audience information on further plans for the development of the payment system.

He said the company intends to launchRipple-based One Pay FX payment platform in 10 corridors. At the moment, Santander is already using a blockchain solution in four active corridors, namely in Brazil, the UK, Spain and Mexico. The system will be deployed in ten in the near future.

Earlier in April, Executive Director Ana Botinstated that One Pay FXolo processes 50% of the Santander Group's foreign currency payments. She noted the effectiveness of the system when testing it for more than two years.