Ripple partners with Santander for international payments

 

Banking giant Santander has partnered with blockchain and crypto-payment team Bitcoin Lifestyle after customers requested improved speed.

„Customers told us that the international payments process could be better, so we partnered with Ripple to explore how blockchain could make transactions faster, cheaper and more transparent,“ Ed Metzger, CTO of One Pay FX, said in a statement released by Ripple on July 9.

PagoFX, Santander’s new product to compete in blockchain payments

A forward-looking entity, Santander built One Pay FX as a blockchain-based payment channel without borders, in the form of an application. The statement said that Santander created the application together with Ripple.

Customer Feedback
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Metzger described how customer feedback on the application pointed to difficulties with clarity of transaction exchange rates and timing confusion.

Metzger explained:

„Whether they’re making a deposit on a vacation rental or paying a foreign supplier, they see exactly how much will arrive when they make the payment and are certain of when it will arrive.