One Pay FX: the SANTANDER payment application with RIPPLE

Related financial instrument : RIPPLE
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Santander recently released the One Pay FX application, the first mobile application for international payments powered by blockchain technology. The application uses Ripple's xCurrent technology, which enables secure cross-border payments with end-to-end tracking. It also maintains Ripple's ideologies of compliance with regulatory requirements by including a rule book approved by RippleNet's Advisory Board.
logo ripple onpayfx
This is part of Ripple's revolution against legacy banking systems, forcing payment service providers to hold large amounts of capital as liquidity abroad. The OnePay FX application shows the movement of banks to non legacy systems such as blockchains to enable faster and more efficient payments worldwide.

The application allows users to view the total cost of sending their payments, as well as bank charges and exchange rates. However, Santander's executive chairman, Ana Botín, said that transactions involving Santander accounts will be at zero commission. The application also allows customers to display payment potential.

The success of this service is not only about transparency. It's the smooth and easy customer experience for mobile users. It's sending a secure message to a friend, calling a car share or sending money across borders.

The digital infrastructure required to support better consumer experiences, especially for mobile users, simply does not exist or is seriously hampered by existing technology investments. This is why Santander's One Pay FX is a clearly revolutionary deployment that innovates the front, middle and back office.

With its mobile UI infrastructure and blockchain, the One Pay FX application offers customers transfers of funds with several new features:
1) total cost of the shipment, including bank charges and exchange rates
2) delivery quote for increased transparency
3) payment receipt for complete certainty.

No other bank can offer this type of experience. See how real money moves from the UK to the US via One Pay FX in the video below:



Ana Botín, executive chairman of the Santander Group, said that 50% of the bank's annual international transfers are now made by the Ripple blockchain. Santander plans to deploy it in the near future, further increasing its utility and value to customers.

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