The new remittance service will make use of Ripple’s xCurrent solution, which does not use XRP cryptocurrency like its xRapid solution.
Previously launching its app for international payments, which makes use of Ripple’s xCurrent solution, the Spanish multinational banking giant is now expanding this service to other countries.
Santander Group is working on several improvements which will make international transactions faster, easier, and cheaper than what the banking systems offer.
Santander One Pay FX
The bank is currently trying to create a “payment corridor” for its users in Latin America. It will be presented country by country and will enable users to send money to the US instantly through the One Pay FX app.
The Spanish bank is also planning to establish One Pay FX in the US for users to send money overseas. This will take place sometime in the near future.
In addition, the bank is creating the Pago FX, an xCurrent payment product for non-Santander users overseas.
One Pay FX currently offers payment transfer service between the UK and Spain. Santander serves Brazil, Chile, Mexico, and Uruguay.
This new payment corridor will assist the growth of the xCurrent solution. However, unlike xRapid, xCurrent doesn’t use Ripple’s token XRP.
The One FX app uses xCurrent, a tool geared towards facilitating instant settlement and tracking of cross-border payments among users.
InnoVentures, Santander’s fintech venture capital fund, also invested quite a substantial amount in Ripple in 2015.