The Ripple-powered cross-border payments app launched by Spanish banking giant Santander, One Pay FX, is set to expand to Mexico this year.
According to a Form 20-F filed with the U.S. Securities and Exchange Commission this month, Santander revealed One Pay FX will arrive in Mexico “in early 2020.” The app, originally launched in 2018, use’s Ripple’s enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking, RippleNet, formerly xCurrent. RippleNet doesn’t use XRP.
In a press release Santander published last year, its Executive Chairman Ana Botín described One Pay FX as follows:
One Pay FX uses blockchain-based technology to provide a fast, simple and secure way to transfer money internationally - offering value, transparency, and the trust and service customers expect from a bank like Santander.
Santander pointed out the solution offers transparency at a competitive cost, and improves overall customer experience. The One Pay FX app is currently available in six countries – Brazil, the U.K., Spain, Poland, Portugal, and Chile. The solution, per the Form 20-F, will be launched on all of Santander’s markets.
It’s worth noting Ripple is backed by Santander’s capital arm InnoVentures. In the firm’s series A funding round in 2015, in which it raised $32 million, InnoVentures invested $4 million into it. At the time, Santander was already working on a “proof of concept” using Ripple’s technology for international payments.
Featured image via Pixabay.