Santander Bank: Ripple payment solution better than the competition
Home News Santander Bank: Ripple payment solution better than the competition
Marcel Knobloch –
Ripple’s software solutions for cross-border payments is tested by more and more companies in the world. The Santander Bank is one of the first customers and has now announced that they rival in direct competition compared to other Alternatives.
Three key characteristics for the quality of a Transfer speed, the transfer costs as well as the security of the transaction. In all of these areas, the technology of Ripple is far ahead of traditional transfer systems.
At the Santander International Banking conference in Madrid, the Board Chairman Ana Botin highlights that the software solution xCurrent support One Pay FX App transactions worldwide, in real time, and thus countries can be used across (freely translated):
You can perform FX Transfers in real time between the UK and continental Europe. And you can actually make Poland, Brazil, and Chile – Santander – for the same cost as Transferwise …
For this reason, we need to make us really think about the real reciprocity. The devil is in the Detail and in Timing.
Although there are similar services, such as TransferWise, which allows money Transfers in real-time in the UK, however, according to the company, in other countries a little slower. Messenger adds, that the two institutions play a crucial role in the development of these Services. Santander brought One Pay FX in April 2018 on the market. Until today already more than 50% of all foreign exchange payments are carried out with the help of Ripple. The results of the ongoing Tests is translated more than a positive effect (free):
And it works really well, because the rails that we use – which, as you say, we have worked together with Ripple, we have for the past two years, tested with our own employees. And it works. It is for sure. It is fully compliant and obviously, we have ensured that we comply with all local regulations. So you’re in safe hands.
Due to the good results of Santander to promote the Expansion of One Pay FX forward, to send also non-banking customers will have the opportunity with the help of the App, and Ripple money worldwide at low cost and almost in real-time.