Spanish banking giant moves Ripple service to another country. Spain’s largest bank, Santander, offers the opportunity to transfer money with its Ripple infrastructure in Mexico.
Santander, Spain’s largest and Europe’s fifth largest bank, will carry the Ripple-backed payment solution to Mexico this year.
The company reported that One Pay FX will be available in Mexico in early 2020. The money transfer application, first launched in 2018, uses Ripple’s international money transfer network, RippleNet. The main difference here is that the banking giant does not use XRP while using Ripple’s technology.
Santander notes that the solution improves the overall customer experience by providing more transparency, cheaper processing fees and faster speeds. One Pay FX is currently available in six countries. These countries include Spain, England, Brazil, Portugal and Chile.
In addition, Ripple gets the support of Santander as a company. Santander’s venture capital arm, InnoVentures, invested $ 4 million in Ripple in an A-series funding round in 2015.