Banking Giant Santander to Bring One Pay FX Payment System to Mexico Utilizing RippleNet

In 2020, the major Spain-based bank Santander is planning to roll out the One Pay FX program, its Ripple powered system for international payments, in Mexico.

Santander filed a Form 20-F with the US Securities and Exchange Commission (SEC) on March 6. It hopes to offer its Ripple-powered services in Mexico as soon as possible. One Pay FX is based on the RippleNet technology from Ripple. It’s independent from XRP, so it doesn’t require any digital currency in order to function, mentioned a spokesperson from Santander.

A Multi-Corridor International Blockchain Solution

The Form 20-F filing is a report that has to be annually submitted to the SEC. Foreign private issuers that have equity shares listed on US exchanges have to send it to the regulator every year. Santander describes One Pay FX program as being a:

“Multi-corridor international blockchain solution […] for individuals and SMEs [small-to-medium enterprises].”

The payments solution launched for the first time in the UK, Poland, Spain and Brazil banks 2 years ago, in 2018, being followed in 2019 by Santander Chile and Portugal.

The System Has Many Benefits

Santander claims its blockchain system’s benefits are transparency, speed, better costs and predictability in an environment in which customers have a sub-optimal experience that’s prone to stickiness. It was reported that Santander and Ripple have been working on One Pay FX for a few years, performing different trials so that their solutions can improve traditional transfers ever since 2016. Before that, back in 2015, InnoVentures, which is the capital arm of Santander, invested $4 million in a $32 million Ripple series A funding.

RippleNet Is Continuing to Develop

RippleNet was created back in 2012. Ever since then, it’s continuing to go through many technical developments in which core consensus improvements are included. David Schwartz, the chief technology officer at Ripple, said the company is interested in convincing third parties to launch their own XRP ledger cryptocurrencies and stablecoins. In the meantime, Brad Garlinghouse, Ripple’s CEO, is being sued for violating the US Securities Act with an XRP token initial coin offering from 2013.

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Author: Oana Ularu

Former Apple Card & Pay Lead Joins Santander To Head Global Digital Payments

An Apple payments products executive, Trish Burgess, has joined the Spain-based bank Santander’s peer-to-peer (P2P) global payments team.

As an announcement from Thursday says, Santander is looking to expand it digital payments services in order to make them global. Burgess’ LinkedIn profile indicates she worked at Apple for 4 and a half years, where she helped to lead the launches of Apple Pay and Apple Card.

Burgess Has Worked for Santander Before

Burgess isn’t a stranger to Santander, as she previously held the position of being responsible with the securities offered by the bank. Burgess was employed between 2007 and 2010. After 2010, she was a senior executive for BNP Paribas and Visa. When it comes to education, she studied marketing and finance with electronics, focusing more on telecoms.

Back at Santander, she will report to the Santander Digital Payments’ global head Chirag Patel. The bank says its Digital Payments team is in charge with improving the users’ experience and the adoption of an international payment network as far as P2P payments goes.

Santander is Committed to Deliver the Best Payments Solutions

Patel said Santander wants to provide customers the best payments solutions. This is what he mentioned about Burgess’s role at the bank:

“Trish’s appointment as head of P2P highlights our commitment to delivering best-in-class payments solutions for our customers. We know that innovation is powered by the most talented people, and we welcome Trish’s wealth of payment experience.”

Last year, Santander dedicated about 20 billion Euros for investments in digital payments technology. Back in 2018, it introduced a blockchain-based mobile app that uses Ripple’s xCurrent technology. The app is called One Pay FX and was first rolled out for the bank’s customers from Spain, the UK and the US. Later, One Pay FX was made available for customers residing in Latin America.

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Author: Oana Ularu