Banco Santander To Use Ripple Ledger For All Its Payment Settlements Going Forward

Spanish multinational commercial bank, Banco Santander, released that they aim to use Ripple ledger to settle all of their payments. Along with the announcement, the bank plans on spread across Europe their Ripple OnePay FX Platform.

At the beginning of October, Ripple held their Swell Conference in San Francisco, and revealed the launch of xRapid, a platform that uses XRP to provide accelerated cross border payments as well as improving the liquidity in its real time settlement. The conference was attended by many leaders in the industry and also included a speech from former US president Bill Clinton.

Speaking at the event for Banco Santander was Ed Metzger, the Head of Innovation:

“We believe that financial services is moving to a world of open platforms where companies collaborate to deliver excellent customer service for their customers, and that’s at the core of what we’re doing with OnePay FX.”

Metzger commented about the bank potentially using XRP in order to settle all of the payments with its OnePay FX payment platform, a platform that runs on Ripple’s xCurrent solution.

The bank is leaning towards adopting Ripple (XRP) as its forerunner settlement option, as Ripple provides instant transaction capabilities for the cross border payment process.

Ripple’s Senior VP, Marcus Treacher, commented:

“For far too long, the technology underlying cross-border payments has been opaque, slow and costly. […] Quite a few payment providers have joined RippleNet recently, so it’s great to see one of the major U.S. banks come on board as well.”

OnePay FX is currently available in Spain, Poland, the UK, and Brazil, however according to Metzger, integrating the RippleNet framework with the OnePay FX platform could lead to XRPs growth in Asia such as Japan where XRP is becoming a popular cryptocurrency.