Santander announces to use Ripple’s ODL service for six new corridors.

Spanish banking giant Santander announced to use Ripple's remittances service for the Mexico-US corridor. Executive chairman of Santander group revealed that they have joined hands with Ripple to facilitate cross border system.

In an interview with Bloomberg, executive chairman of Santander, Ana Botin, revealed that they are launching one pay effect, which is a blockchain-based retail cross-border payment with Ripple. Ana Botin further noted that Stander is “relaunching a fast and competitive remittance program” that would fill in the gap between Santander branches to any bank in Mexico.

 

Botin expects the program to attract new customers.

The executive chairman of Santander group noted that almost $35 to $36 billion is sent from the US to Mexico, and thus, the bank is launching a fast competitive remittances program. She also said that they expect the program to attract new customers with a commitment of reaching 12% return “in tangible equity over the next couple of years which is way above our cost of equity.”

 

Santander to use Ripple in 6 more corridors

Earlier, managing director of digital investment banking at Santander, John Whelan, said that the bank plans on expanding the use of Ripple’s cross border payment platform. He announced that the company would be introducing Ripple-based payment platform One Pay FX to all of its ten corridors.

One Pay FX was launched in October 2018 as a Ripple-based platform to enable cross-border payments.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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