Eduard Watson

7 months ago

Santander is planning to expand the Ripple-powered cross-border payments app One Pay FX.

If you recall, the bank launched the app for its customers back in 2018, and now they report that customers can send money to 19 countries including the US.

Launching Pago FX

During the Investor Day event in London, the company revealed that it would soon launch a new standalone version of the platform that’s called Pago FX.

This new app will be targeting the unbanked, and it will allow people to send money around the world instantly even if they are not customers at Santander bank.

Pago FX is also designed to power payments for small/medium enterprises. The app will reportedly be launched shortly in the UK, Poland, and Germany.

In January 2019, Santander executive chair Ana Botin addressed the benefits of One Pay FX which is powered by Ripple’s xCurrent.

“You can do FX transfers, real-time, between the UK and continental Europe. And you can actually do Poland, Brazil, and Chile – through Santander – for the same cost as Transferwise…And that is the reason why we need to really think about what is real reciprocity. The devil is in the details and the timing,” she said.

She also made sure to highlight the fact that One Pay FX is powering more than 50% of Santander Group’s FX payments.

Santander confused people by saying they're using XRP

Not too long ago, Banco Santander UK has just revealed that they are using Ripple’s digital asset, XRP for cross-border payments to 18 European countries and the US as well.

They announced this on Twitter in a response to a user who was asking how they’re doing these days and how things are going with Ripple’s XRP.

The XRP army of fans got all excited to find out that the bank uses XRP, but the bank corrected the error.

“We are sorry, unfortunately, due to a misunderstanding, we have given incorrect information. We do apologize for the confusion this has caused. One Pay FX uses xCurrent only.”

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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