Santander to use Ripple technology for money transfers in Latin America

The Spanish bank is creating ‘payment corridors’ in Latin America employing Ripple’s xCurrent technology

Image via Flickr

Santander, the biggest bank in Spain, will be integrating Ripple’s xCurrent technology to establish payment channels that would let customers in Latin America send money to the US, writes CoinDesk. The bank’s clients will get a chance to make free transfers to the US via online app One Pay Fx.

Right now, only UK and Spain customers can send money to the US over One Pay FX. There are plans to connect others – Brazil, Uruguay, Chile, Mexico – where Santander does business. The corridor will be launched on a one-by-one basis, the bank has not revealed which country will be linked to xCurrent first.

“Customers who were not doing international transfers are now using the service, customers who were using international transfer are now doing it more, and customers who had gone to use fintech competition have come back because of the One Pay offering,” said Cedric Menager, CEO of One Pay FX.

In March, Santander mistakenly reported that Ripple’s XRP token had been used in 18 countries of Europe and US to make international transfers. The bank apologised the next day pointing out that One Pay FX uses xCurrent only.