Banco Santander, a serious Spanish financial institution, is gearing as much as broaden Ripple-based worldwide funds providers to Mexico.
In a Type 20-F filed with the Securities and Alternate Fee (SEC) on March 6, the banking big revealed that it’s planning to introduce One Pay FX, a RippleNet-based funds options, in Mexico “in early 2020.”
Santander is already providing One Pay FX-based providers in Spain, Brazil, Poland, and the UK since 2018, whereas Santander Portugal and Chile joined the record the next yr. Mexico would be the seventh nation for the Spanish lender to supply blockchain-based funds.
Not utilizing XRP
Launched by Ripple in 2018, One Pay FX facilitates cross-border funds leveraging RippleNet to settle transactions. Notably, the product doesn’t use XRP for settlement.
The Spanish financial institution defined One Pay PX as “the primary multi-corridor worldwide blockchain resolution on this planet for people and SMEs- was launched in 4 Santander Banks.”
“One Pay FX presents transparency & predictability, aggressive price, digital expertise, and higher pace, enhancing the present sub-optimal buyer expertise and shopper stickiness by a best-in-class world cost system,” the submitting famous.
Santander is likely one of the main banking companions of Ripple, which grew to become concerned with the San Francisco-headquartered blockchain firm in 2015, with the funding of $four million in its Sequence A funding spherical. Ripple raised $32 million in that funding spherical.
The information got here solely per week after Worldwide Cash Categorical (Intermex), one other cross-border cost big, revealed that it might not use RippleNet in its core markets, together with Mexico.
Whereas on-barding the Nasdaq-listed agency, Ripple touted that Intermex would make the most of Ripple’s providers for cross-border funds settlement in Mexico.
In the meantime, Ripple is aggressively increasing its providers in lots of markets, partnering with established gamers. Earlier this month, the corporate tied with Thailand’s fintech agency DeeMoney for cross-border cash transfers.