Wednesday, 12 August 2020

Santander’s Customers Forced Us into Finding Ripple – One Pay FX CTO

Ripple to Reduce Percentage of XRP Sale Substantially, Citing Reporting Data Inaccuracy

Nothing less than half of Banco Santander’s global remittance service that’s being offered to 140 million global commercial and retail customers can now be handled by Ripple-based One Pay Fx as the digital application expands to 19 countries.

One Pay FX Chief Technology Officer, Ed Metzger, said Santander’s customers forced them into finding Ripple to solve their international remittance problem using blockchain technology.

The CTO said the moves resonated with Santander’s intention of standing at the forefront of combining technology and finance

Metzger said Ripple offers a blockchain technology remittance service that makes transactions transparent, cheaper, and faster compared to the archaic global transaction means.

Santander was informed by their global customers to find a clear and transparent digital technology to proffer solution to the archaicness ]traditional process employed in money transfer.

According to Metzger, these customers were worried each time they send funds because they never knew how much funds would get to their recipients when the fund is remitted.

This was because customers were kept in the dark as to when the fund will get to their recipients and how much they would finally get due to the changes in the exchange rate. Interestingly, Santander decided to search for a better solution and discovered Ripple.

Through Ripple, Banco Santander designed One Pay FX, which makes payment happen almost instantly.

Metzger said he made an instant payment from Spain to the UK. The One Pay FX app was first launched in Spain, Brazil, Poland, and the UK. NewsLogical reported how the app received a Silver Award at the 2018 Distribution and Marketing Innovation Awards.

Today, the app is now being used in 19 countries including Portugal, Chile, and the U.S and more countries are going to join soon.

MoneyGram Records Success in Its Digital Expansion

MoneyGram has been making huge gain after deciding to make use of Ripple’s ODL for payment across the globe.

The second-largest remittance network partnered with Ripple to make use of digital currency XRP and had since the collaboration been making huge progress.

In a release, MoneyGram says it has been maintaining a strong digital growth coupled with market expansion strategies.

In June, MoneyGram saw around 106% year-over-year growth in digital transaction powered by the company’s mobile app and some other moves.

MoneyGram now has different components designed to make the company’s digitalization effective.

The MoneyGram Online and the company’s series of digital partnerships are great contributors to the digital development that are making MoneyGram lead the digital evolution of P2P payments.


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