Santander Bank is loving every bit of Ripple. Their latest product is a mobile payment service called OnePay FX (also spelled One Pay) which uses Ripple’s payment technology.
OnePay FX will be the gateway for live transactions through Europe which is a huge step not just for Ripple and Santander but also for the payments industry as a whole. With the disruptions with Visa in Europe and the United Kingdom last week, an application like OnePay FX will prevent similar issues.
Santander’s OnePay FX payments app uses Ripple’s xCurrent software
Santander is the first bank to launch a blockchain-based money transfer service across four countries. A user who already has an account at Santander can use this mobile application to send cross-border payments globally. The application allows for payments to take place in a matter of seconds whether the money is being sent from the United Kingdom to France or even to a country further away such as Australia.
With OnePay FX there’s no need to wait for 3 to 5 days for a payment to be received or sent. OnePay FX will make the whole money transfering experience a lot easier with a user-friendly interface. It is part of Ripple’s revolution against legacy banking systems which leads to payment service providers holding large pools of capital as liquidity overseas.
When using the application, you will notice that there are zero commissions along with FX rates being accurate. A potential time of delivery is shown, along with a receipt of payment which makes the whole transaction really transparent and easy to understand.
Apple Pay can also be integrated into the OnePay FX system which is why a lot of people like it so much. There are plans for OnePay FX to be rolled out to almost 24 countries in the future.
The response of the application has drawn massive positivity from the world. Reddit user AggieOg replied to the video on Reddit:
”To the everyday consumer Ripple is going to be to financial companies what Oracle is to businesses in general.”
People know they have products and serve businesses and make a ton of money, but it’s all back-end and infrastructure related as opposed to consumer facing. Ripple and XRP are going to be on the level of Oracle, the world’s most popular database for running several online applications.
Banco Santander has been testing Ripple’s payment structure for the last two years and through all the work and testing it has successfully come up with an application to change traditional mobile banking. Banco Santander has been testing Ripple-powered payments for nearly two years before coming out with their OnePay FX app. Their latest video illustrates the fruits of those labors while illustrating Ripple’s solutions for traditional banking. The company released a demo of the OnePay FX application which made the whole transaction seem as simple as ‘ABC.’ The system seems to be using xCurrent. Check out the demo: