Ripple is helping Santander Bank to perform thousands of transactions per day through the One Pay FX platform that was launched back in 2018. According to a recent update released on Twitter by Santander, the platform has already executed €450 million ($527 million) in cross-border transactions.
Ripple’s Solutions Help the Banking Sector
Ripple continues to grow with the solutions and services that it is currently offering to clients such as Santander and others. The bank shared with the community that the Ripple-based product they launched in 2018 has already performed more than €450 million in transactions across borders.
Nowadays it is certainly not comfortable to perform cross-border transactions. Indeed, it can be expensive and slow. This is why One Pay FX is helping individuals perform faster and cheaper international money transfers.
It is also worth mentioning that despite Santander having the possibility to improve its services by using the ODL solutions provided by Ripple, they seem to be close to this possibility. A user asked whether they have started using the ODL option to make instant settlements. Santander mentioned that they are not using the ODL option and they would not be using it in the future.
The Ripple community is certainly confused about the answer provided by the community manager of Santander considering the bank has been very open to working with Ripple in recent years.
The On-Demand Liquidity solution, also known as ODL, allows clients to perform instant transfers between currencies using the XRP digital asset to gain instant liquidity. The transactions can take just a few seconds and the funds will be available in the other fiat currency almost immediately.
There are over 300 companies that are working with Ripple and trying to improve their solutions with the services offered by the company. These firms are located all over the world and come from the traditional financial industry. Many other institutions are ready to work with Ripple and help users perform international and local transfers using the XRP as a liquidity provider.
Furthermore, firms can reduce costs by reducing their dependency on nostro and vostro accounts located all over the world. As the cryptocurrency market continues to expand and grow, new companies may be ready to start using Ripple’s solutions in order to offer clients with the possibility to handle their funds in a more efficient way.