XRP Jumps 20% after Santander Launches Ripple-based Payment App
Santander One Pay FX blockchain payment solution is available in the UK, Brazil, Poland and Spain
The XRP, the Ripple token, leapt some 20% in less than 24 hours after Spanish banking group Santander launched Ripple’s blockchain-based money transfer application.
The bank’s cross-border payment service, Santander One Pay FX, which is now available to retail customers in the UK, Brazil, Spain and Poland, does not use the XRP token. It is based on xCurrent, Ripple’s protocol that enables real-time verification of bank transactions. xCurrent tracks financial operations from the beginning till the end by securing payment details before and after sending fiat money. The transactions can be completed on the same or on the next day. New features are expected to be added in the coming months, including instant international payments in several markets.
Santander and Ripple
Santander One Pay FX will target the EUR 10 billion global market for international payments. Cross-border transactions from the four countries included initially account for at least half of the volume of the bank’s retail customers, according to the Financial Times. Brazil and Spain are the two most important markets for the Madrid-based bank. Brazil contributes 26% to Santander`s profit, Spain – 15%, the UK - 4% and Poland – 3%, official bank data shows.
The Spanish bank tested the Ripple-based international payments app with its staff in the UK in 2016 before its Thursday launch.
“From today, customers in the UK can use One Pay to transfer money across Europe and to the US. In Spain, customers can transfer to UK and US, while customers in Brazil and Poland can transfer to the UK,” Ana Botin, Executive Chairman of Banco Santander, said in a statement after the official release of the app.
Santander’s relations with Ripple date back to 2015, when its venture capital fund InnoVentures invested USD 4 million in the Californian start-up as part of a USD 32 million Series A funding round. It contributed also in a USD 55 million Series B financing in 2016.