Santander to Extend Ripple-Powered Payments Solution to Mexico This Year

Major Spanish financial institution Santander plans to roll out its Ripple-powered worldwide funds system One Pay FX in Mexico in 2020.

In a Form 20-F filed with the United States Securities and Exchange Commission on March 6, the financial institution revealed that Mexico will likely be providing the service in early 2020.

The One Pay FX system

Based on Ripple’s RippleWeb expertise, One Pay FX is unbiased from XRP and doesn’t want the digital foreign money to operate, as a Santander spokesperson beforehand outlined to Cointelegraph. 

In its Form 20-F submitting – an annual report that have to be submitted to the SEC by all overseas personal issuers with listed fairness shares on U.S. exchanges – Santander describes the answer as a:

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

One Pay FX first launched in 4 Santander banks – Spain, Brazil, Poland, and the United Kingdom – again in 2019. Santander Portugal and Chile joined the answer the next 12 months.

The blockchain system’s advantages, Santander claims, is transparency, predictability, aggressive value and higher velocity, ostensibly countering present buyer experiences which it describes as “sub-optimal” and vulnerable to “client stickiness.”

Years of collaboration

As beforehand reported, Santander and Ripple developed One PayFX over a number of years, with early trials indicating that the answer may present enhancements over conventional transfers as early as 2019. In 2015, Santander’s capital arm InnoVentures, contributed $four million to Ripple’s $32 million sequence A funding.

RippleWeb, first created in 2012, continues to endure technical developments, together with “core consensus improvements,” in accordance with current feedback from Ripple’s chief expertise officer David Schwartz. Schwartz has additionally signaled his curiosity in enabling third events to launch different third-party cryptocurrencies, together with stablecoins, on the XRP ledger. 

Last week, Cointelegraph reported on new amendments to a class-action lawsuit leveled in opposition to Ripple’s CEO Brad Garlinghouse, which facilities on allegations that Ripple violated the U.S. Securities Act in its 2013 preliminary coin providing for the XRP token.

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