Monday, August 19th, 2019 and we get some massive news to start the week. Santander has announced that they will be expanding there Ripple powered remittance service to connect Latin America. Banco Santander, is a Spanish multinational commercial bank and financial services company based in Madrid and Santander in Spain. Additionally, Santander maintains a presence in all global financial centers as the 16th-largest banking institution in the world. Although known for its European banking operations, it has extended operations across North and South America, and more recently in continental Asia.
Banco Santander has announced that they are building a payment corridor or as we like to call it a payment rail that would connect customers in Latin America. This new payment rail would allow customers to send money to the United States instantly for FREE! YES WE SAID FREE! Santander has created a mobile app called One Pay FX, which uses Ripple’s xCurrent software. One Pay FX was initially released in the Spring of 2018 and became the first mobile application for international payments. When the application was first released, millions of Santander’s customers in Europe gained the ability to send same-day cross-border payments. This was a first of its kind and was a massive improvement as the old system took three to five days to send money cross-border.
Before this announcement, only customers in the United Kingdom and Spain were able to send money to the United States via One Pay FX, but this is changing in a major way as Latin American is being connected. The CEO of One Pay FX Cedric Menager stated:
Customers who were not doing international transfers are now using the service, customers who were using international transfer are now doing it more, and customers who had gone to use fintech competition have come back because of the One Pay offering
Here comes the most bullish news ever. Santander said that the volumes have tripled from January 2019 to June 2019 and the volume from Spain has increased by 120 percent year over year. That is absolutely amazing. Santander has yet to release when the first county would be added, but I can assume that this will be done by the end of the year. Santander also plans to bring One Pay FX to the customers in the United States which will allow them to send money abroad. And finally, Santander is developing another platform called Pago FX which will allow non-Santdaer customers to get in on the action.