Banco Santander, a multinational commercial bank and financial services company headquartered in Santander, Spain, will use Ripple's product to clear all payments and enhance the customer experience through the OnePay FX platform.
At the Swell conference in San Francisco, Ripple announced the commercial launch of its xRapid product. It's a solution that will be used by payment providers including Cuallix, Mercury FX, and cooperative finance company Catalyst Corporate Federal Credit Union.
Another notable event was a presentation by Ed Metzger, head of innovation at one of Ripple's prominent partners, Banco Santander.
Metzger noted that the bank is excited to use a blockchain application for cross-border payments, which is based on Ripple's development. href="https://forknews.io/blog/001626--bank-kotak-mahindra-podk.html">xCurrent technology to process all payments using the OnePay FX payment platform.
According to Metzger, the addition of RippleNet to OnePay FX will make it easier for banks to collaborate. Banco Santander is starting to work with OnePay FX in Europe and hopes that when countries like South Korea and Japan start using Ripple products, international payment transfers will become truly fast, secure and inexpensive. In his opinion, many financial companies have problems in the field of cross-border payments. It is very delicate, and Ripple has taken a deep dive into understanding its features.
Besides the announcement of Banco Santander and the three companies mentioned above that have already started using XRP to pay for payments, Ripple managed to achieve a major victory in late September. The first major US bank, PNC Bank, plans to join RippleNet.
Ripple Senior Vice President Markus Tremacher believes the technology behind cross-border payments has been opaque, slow and expensive for a long time. It's time to modernize financial services and take advantage of open platforms.
The best recognition of the popularity of RippleNet is the ever-growing number of financial institutions that have joined the Ripple product for cross-border payments.
And another sign of the growing popularity of Ripple is almost 10,000 people have signed the petition to make XRP the official cryptocurrency of the Olympic Games in Tokyo in 2020.
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