Ripple has launched an app with Banco Santander, Spain’s largest bank, to enable cheap and quick international currency transfers. The app is called One Pay FX and uses Ripple’s blockchain technology in order to enable transfers between currencies in Europe and the United States.
“One Pay FX uses blockchain-based technology to provide a fast, simple and secure way to transfer money internationally—offering value, transparency, and the trust and service customers expect from a bank like Santander,” stated Ana Botín, executive chairman of Banco Santander, adding that One Pay FX was the first of many more planned applications using Ripple’s blockchain. The bank invested in Ripple from Santander Innoventures, its $200 million fintech fund, back in 2015. One Pay FX has been under development for the last two years. (See also: What's Propelling Ripple's Massive Price Gains?)
Blockchain for the Big Players
In its initial stage, One Pay FX can be used by customers in the U.K. and Spain to transfer money from there to destinations in Europe and the U.S. Customers in Poland can only transfer to the U.K. “Transfers to Europe can be made on the same day and we are aiming to deliver instant transfers across several markets by the summer,” stated Botin. The app was launched last week and the price of a ripple coin spiked in response as a sign of renewed trader confidence in its blockchain. Unlike other coins, which have positioned themselves as a medium for daily transaction or store of value, the Ripple system derives its value from adoption of its platform by large financial institutions. Ripple's technology is being used for pilot projects across financial institutions, including the likes of UBS and Standard Chartered. (See also: Why Does Ripple Want More Government Regulation?)
But XRP, its cryptocurrency, still has a long way to go before recapturing its earlier highs. Since the start of this year, it is down by approximately by 71.4%. At 9 p.m. UTC, it was changing hands at $0.65 per coin, down 2.5% from its price 24 hours ago.
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