In an effort to drive further blockchain adoption, Banco Santander jut launched a mobile payments solution. All powered by RippleNet.
This is considerable news
For one, Banco Santander is the world’s ninth largest financial institution by revenue.
Two, it’s the biggest bank in the Eurozone.
By launching its own blockchain solution, this is milestone news. It’s a catalyst that could very well spearhead the adoption of blockchain in the financial sector.
OnePay FX could be an Incredible Catalyst for Blockchain Adoption
Called OnePay FX, it’ll allow users to make EUR and USD payments to countries within Europe and the United States.
Better yet, it’ll allow for money to transfer even faster than traditional wires.
For comparison, a typical transfer could take three to five days to complete. With the OnePay FX app, we could see transfers happen in a single day. That’s a game-changer. And it may very well be the wakeup call the financial sector needs to adopt blockchain technology.
OnePay FX will Use XRP to Assist with Transfers
OnePay FX will use XRP to help with the transfers. It will also use a digital wallet and a personal finance manager. All in an effort to achieve greater transparency, and speed of cross-border payment operations.
According to Banco Santander Head of Innovation, Ed Metzger, with today’s open platforms, it’s inevitable for companies to collaborate. In doing so, we’ll see incredible milestones in blockchain adoption. Better yet, customers will benefit.
For example, “One of our customers was in Italy on holiday and parked in the wrong place. He needed to pay a fine and didn’t have his bank card. He was able to use the app to pay the fine immediately, and stop his car from being towed away,” says Metzger, as quoted by Cryptovest.
Metzger also says Santander has plans for a broader roll-out in the coming months.
“We trust that monetary services are moving to a universe of open platforms where organizations work together to convey phenomenal client service for their customers, and that is at the center of what we’re doing with OnePay FX.”
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