The recognized Spanish bank Santander is now working with a new corridor of its One Pay FX solution for clients. The new payment corridor opened has been established between the United Kingdom and Poland by using Ripple’s technology. The information was released by Marcus Treacher, Global Head of Strategic Accounts at Ripple, a few days ago on Twitter.
Santander Opens New Payment Corridor Backed By Ripple
Santander, a well known Spanish banking institution decided to open a new payment corridor between the United Kingdom and Poland in order to process fast and smooth transactions. It is worth mentioning that there is a large number of Polish immigrants living in the United Kingdom. They became the largest minority in the country with around 1 million (more than 2.6% of Poland’s population) individuals living there.
With this new payment corridor, it would be much easier for a worker in the UK to send funds back to Poland where their families live. The bank has a presence in both of these markets, making it easier to open this corridor.
Powered by Ripple & great to see this important payment corridor go live https://t.co/wVBJlQ1aZT
— Marcus Treacher (@marcus_treacher) July 14, 2019
Users can move as much as €10,000 per day between these two countries with zero transaction fees and very competitive exchange rates.
The One Pay FX solution is powered by Ripple but it does not use the xRapid service. Indeed, it uses xCurrent, another recognized system created by Ripple and that many other financial institutions are already using.
As reported by Daily Hodl, Ana Botin, Santander Executive Chair, told the Financial Times that Ripple’s technology was powering half of Santander Group’s FX payments.
On the matter, she commented:
“With this new initiative that is already in place, we’re actually covering 50% of all the FX payments that the Santander Group does annually. And it works really well, because the rails that we’re using – which, as you say, we’ve collaborated with Ripple – we’ve been testing those for two years, actually with our own employees.”
XRP and Ripple enthusiasts have been waiting for a long time for different financial institutions to start using XRP to source liquidity on-demand. The xRapid solution has been created to help these banks and other companies process payments, reduce transactional costs, increase speeds of the transfers and offer better services to their clients. At the moment, there are just a few xRapid corridors opened and there is no information regarding Santander adding support to it.
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