Spanish Santander Bank Will Roll Out XRP Payment System In Mexico

The Major Spanish Santander Spanish Bank aims to launch its Ripple-based payment system for general use One Pay FX, by the end of 2020 in Mexico. Let’s find out more about the system in today’s Ripple cryptocurrency news.

The Spanish Santander Bank filed a Form-20-F with the United States Securities Exchange Commission, where it can be seen that Mexico will start offering these XRP-based services. Based on the ripple cryptocurrency RippleNET technology, One Pay FX will be independent of XRP and will not need digital currency to function as a bank spokesperson previously outlined. In the filing, the annual report has to be submitted to the SEC by all of the private issuers that listed equity shares on the US exchanges and as per the bank:

 “Multi-corridor international blockchain solution […] for individuals and SMEs [small-to-medium enterprises].”

One Pay FX initially launched in four Santander Banks in Brazil, Poland, Spain, and the United Kingdom back in 2018. Santander Portugal and Chile joined later as well. The benefits of the bank system include transparency, cost-effectiveness, speed, improving customer experiences, which is different from the sub-optimal conditions that lead to ‘’client stickiness’’ according to the bank.

As it was previously reported in the Ripple cryptocurrency news, the Santander bank and Ripple developed One PayFX for a few years, and the first trials showed that the solution could provide improvements over traditional transfers as early as 2016. The Capital Arm of the bank InnoVentures contributed more than $4 million to the $32 million Ripple A Series funding, back in 2015. RippleNET was initially created in 2012 and still continues to undergo further technical developments, including the core-consensus improvements, according to the Chief Technology Officer of Ripple, David Schwartz.

David Schwartz also showed a lot of interest in enabling third parties to launch other third-party cryptocurrencies and stablecoins on the ledger. As of last week, there were a few amendments to a class-action lawsuit that was launched towards the CEO of Ripple Brad Garlinghouse, who is the center of allegations that Ripple violated the United States Securities Act back in 2013 with its initial coin offering for the XRP token.