April 19, 2018
By: Steven Anderson
Remember when we talked about how Ripple was likely the future of cryptocurrency because of bank connections like Santander? Well, that connection has just gone live, reports note, as Santander One Pay FX has just been released, making cross-border mobile payments systems available to Santander’s UK retail customers for use.
With One Pay FX, Santander customers can readily make mobile payments in either euros or US dollars to countries in the Euro Zone or in the United States. While traditional wire transfers may take up to five days, and commonly between three and five days, One Pay FX can get payments where they need to be within one day.
Better yet, reports note that Santander customers in Brazil, Poland and Spain can all use the xCurrent system as a means to make cross-border payments, a move which will speed up transaction time. With over 133 million customers and almost 14,000 retail branches, Santander has a lot riding on this outcome, and plans to launch the solution in more places as time goes on.
The launch of One Pay FX makes Santander the first bank to bring out an international payments service built around blockchain for retail customers in multiple countries at once, putting Santander ahead of a lot of competition.
This could well be the start of something downright amazing for Ripple. While bitcoin labors under negative perception, slow processing speed and a tenuous position as the “grand old man” of cryptocurrency, banks are actively putting the Ripple blockchain to work. Major banks, too; this isn’t George Bailey’s building and loan we’re talking about. This is a major multinational operation that’s turning to a technology that some people still believe is nothing but a scam or a tool for criminals. Now, with Santander putting a technology to use that should result in far faster international payments, the idea that cryptocurrency is anything other than useful technology should be tossed out the door.
It may not immediately translate into gains for Ripple, or for the thousands of other cryptocurrency releases out there, but it’s certainly a step forward into mainstreaming the concept of cryptocurrency. Santander’s blockchain-backed mobile payments app is definitely a shot of credibility into a field that sorely needs it.