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.