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Banco Santander Integrates Ripple To Spur Adoption

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Banco Santander Integrates Ripple To Spur Adoption

In the recent weeks, Ripple Labs announced the launch of a suite of blockchain solutions. However, there are other existing solutions like RippleNet which powers cross-border transactions. As Cryptomorrow reports, Banco Santander launched a mobile payments solution powered by RippleNet. This is just one among the many ongoing efforts by the bank to drive blockchain adoption.

Banco Santander is the world’s 9th largest financial institution by revenue. In fact, it is the largest bank in the Eurozone. Therefore, coming up with ways in which blockchain is useful in day-to-day operations is a milestone for blockchain technology. Nothing serves better as a spearheading vector of adoption as getting integrated within the banking sector by the big boys.

Banco Santander Releasing OnePay FX to Stimulate Blockchain Adoption

Particularly, the bank’s payments solution first came to the scene in April. However, Banco Santander is now officially releasing it for mass use. Dubbed OnePay FX, it will enable users to make EUR and USD payments to countries within Europe and the US.

Interestingly, OnePay FX moves money very quickly compared to traditional wire transfers. The team behind the app elaborates that payments over the app will take at most a day to complete. This is against an average of three to five days users of wire transfers have to wait.

Further, Cryptomorrow adds that the payments solution will use XRP to facilitate the transfers. It will also incorporate a digital wallet and a personal finance manager. All of these offerings aim to “achieve transparency, certainty, and speed in cross-border payments.

Metzger On Ripple and Blockchain Collaboration

Speaking at Swell 2018, Banco Santander Head of Innovation, Ed Metzger, noted the reality of blockchain technology. In fact, he believes that in today’s open platforms ecosystem, it is inevitable for companies to collaborate. This way, companies will be able to achieve huge milestones in blockchain adoption, with customers benefiting along the way.

In his words,

We trust that monetary services are moving to a universe of open platforms where organizations work together to convey phenomenal client service for their customers, and that is at the center of what we’re doing with OnePay FX.

XRP’s Abnormal Behavior

Ironically, the price of XRP declined in the same period as the announcement of the OnePay FX solution. According to CoinMarketCap, XRP declined around 3%. Since the beginning of October, XRP is down roughly $.06 USD.

Analysts believe that the abnormal behavior might be down to the decline in the volume of the cryptocurrency market. Also, analysts believe investors overbought the coin in September which momentarily pushed XRP past Ethereum. For these reasons, the coin was not responsive to the huge partnership between Ripple Labs and Banco Santander.

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