July 24, 2024

Santander Expands Ripple Cross-Border Payment Platform with New Corridors

Santander Expands Ripple Cross-Border Payment Platform with New Corridors

Banking giant Santander has announced its intention to increase the reach of its cross-border payments platform based onRipple. The technology will be integrated into 6 more corridors.

During a speech at a conference organized byInstitute of International and European Relations, head of the digital investment banking department at Santander John Whelan, shared information with those present about further plans for the development of the payment system.

He stated that the company intends to launchOne Pay FX payment platform based on Ripple in 10 corridors. Currently, Santander is already using the blockchain solution in four active corridors, namely Brazil, the UK, Spain and Mexico. The system will be deployed in ten in the near future.

Earlier in April, executive director Ana Botinsaid One Pay FX processes about 50% of Santander Group's foreign exchange payments. She noted the effectiveness of the system when it was tested for approximately more than two years.