Ripple has once again seen another development in the world of cross-border remittance with the new money transfer corridor implemented by Banco Santander’s One Pay FX, a remittance app making use of Ripple’s xCurrent.
Santander made it known that the application now services Polish wanting to send funds from the United Kingdom or vice versa.
Launched in April 2018 by Santander UK, a branch of the Spain based financial guru Banco Santander, One Pay FX won for the bank an outstanding innovation award.
One Pay FX makes uses of xCurrent, a Ripple enterprise software solution reducing the hardship encountered by banks during cross-border transfers by offering an end-to-end tracking, fast and reduced cost system that are deficient in SWIFT and other traditional remittance services.
While the app is now available in mobile, Santander customers with debit cards now have the opportunity to make across territory payments to different locations of the world, with Poland just included.
The newly released version 1.3.1, allows One Pay FX customers to make transfer across UK-Poland payments corridor, meaning UK customers can send funds to Poland in a twinkle of an eye.
While the expansion is beyond Poland, users of the Ripple-powered app can now make real-time fund transfer to Brazil and Chile.
Speaking in January, prior to the official release of the new application, the Executive Chairman of Santander Ana Botín, said One Pay FX now offers transfer between UK and continental Europe.
“You can do FX transfers, real-time, between the UK and continental Europe. And you can actually do Poland, Brazil and Chile – through Santander – for the same cost as Transferwise… And that is the reason why we need to really think about what is real reciprocity. The devil is in the details and the timing.”
In fact, with One Pay FX, customers can transfer up to GBP 10,000/day in Euros to close to 20 countries in Europe.
As Santander’s One Pay FX continues to make waves of glory in the remittance industry, different Ripple-powered applications are being celebrated for their outstanding performances.
In Japan, Ripple-dependent MoneyTap is being subscribed into by different banks across the country due to the free and real-time payment opportunity offered by the app.