Santander Group Executive Chairman Ana Botín has highlighted the use cases of Ripple at the Economic Club of New York’s luncheon meeting ahead of Ripple CEO Brad Garlinghouse’s discussion expected to take place today.
The club, a non-partisan and nonprofit organization centered on advancing discussions on trending political, economic and social questions, received the Chairman of Santander Group yesterday at one of its sessions held in New York City.
The Economic Club has a series of program laid down for the year and had welcomed over 1000 speakers since inception. The club featured Ana who spoke on the financial system across the world and how Santander bank she chairs is satisfying its over 140 million customers across the globe with the state of the art innovations, and another is to feature Brad Garlinghouse.
Botín, during the discussion anchored by Maria Bartiromo, said Ripple is working with Banco Santander on One Pay FX, a cross-border remittance app dedicated to sending funds in a twinkle of an eye.
She said Banco, ranked number one in terms of sustainability by the Dow Jones Index, partnered with Ripple to be atop of the game since the firm is among top blockchain firms in the world.
“We have a great partnership with ripples so we think we can lead in terms of the automation because don’t forget this is about automation,” Botín said during the discussion.
“Blockchain is just one piece of the automation to make in this case payments more effective, more transparent, faster and cheaper for the consumer.”
Santander is obsessed with Blockchain technology. The big bank with branches across the world has been “a big backer of Ripple”, deploying the firm’s innovation to solve series of problems in the remittance industry.
The bank is trying to introduce a blockchain-based lending platform and became the first to issue blockchain bond.
Speaking further on One Pay FX, Botín said Banco Santander collaborated with Ripple to launch the first blockchain-based retail cross-border payment platform in the world.
She maintained that before anybody could use the app, it has to be a customer of Santander UK or Poland. The app allows users to transfer funds from one country to another in the Eurozone. The remittance app also opens users to transfer funds to Chile.
Banco Santander’s One Pay FX since it was launched has perfected hundred thousand transactions, said Botín.
About Her Son’s Use of Transferwise
Ana Botín said her son, obviously, her favorite, who was studying in Georgetown and was about moving to the UK, told her that he had a thousand dollars saved that he intended moving through a different platform and not Santander because the bank charges are too expensive.
The son, who was about becoming Banco Santander customer had to use Transferwise since they were charging around three pounds or five pounds for cross-border remittance while Banco Santander at the time was charging 250 Pounds.
The Chairman said when filled with the thought of looking for a better means of moving fund, then Santander found Ripple, and the two firms jointly built One Pay FX.
Ripple-dependent Pago FX Underway
Ana Botín said Santander is working on Ripple-dependent Pago FX app, almost a year after it launched One Pay FX.
Like One Pay FX, Pago will also permit cross-border payment and would be launched in Poland, Germany, and the United Kingdom. The application is made for SME’s
In January, Botín said about One Pay FX:
“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.”
During the live program streamed on Facebook, Botín said more than half of foreign transaction by the firm is powered by the new app powers.
Meanwhile, Ripple CEO Brad Garlinghouse will also be speaking at the Economic Club of New York today.
Banco Santander Executive Chairman Ana Botín at The Economic Club of New York
— Leonidas Hadjiloizou (@LeoHadjiloizou) October 7, 2019
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The CEO who was excited about the Facebook project said the regulatory problems faced by Libra are substantial for it to launch soon. He emphasized that Libra would have been welcomed if it was not brought by Facebook.
Now, backers of Facebook’s Libra are pulling out of the Libra Association due to the stiff regulatory procedure faced by the cryptocurrency.