Spain’s Santander to Launch Ripple-Based Payment System in Mexico

Spain’s Santander Bank to Roll out Ripple-Based Payment System in Mexico

Santander, a major bank headquartered in Spain, plans to launch its Ripple-based cross-border transfer system ‘One Pay FX’ in Mexico this year.

One Pay FX is separate from XRP, and built on Ripple’s RippleNet platform. It does not require a digital currency to function, Santander spokesperson previously told Cointelegraph website.

In its Form 20-F filing — an annual report that all foreign private issuers with equities listed on U.S. exchanges must file to the Securities and Exchange Commission (SEC) – the bank stated:

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

In 2018, the service was first launched at four Santander branches in Spain, Brazil, Poland, and the UK. The bank’s branches in Portugal and Chile joined the blockchain system the following year.

The lender claims that the blockchain system is characterized by transparency, low cost and best speed.

Long-time collaboration

Santander and Ripple have collaborated to develop One PayFX over several years, and the early trials showed that the solution could improve conventional transfers.

In 2015, InnoVentures, the capital arm of the Spanish bank, has contributed $4 million to the series A funding worth $32 million on Ripple.

Blockchain in other Spanish banks

Cryptolydian earlier reported that CaixaBank, Spain’s third-largest bank by market value, has officially rolled out its blockchain-based platform for its corporate clients.

Accordingly, it became one of the first banks to offer blockchain technology in Europe through its platform that ensures security and speed for corporate customers.

Spain halts short selling amid coronavirus outbreak

Spain’s National Securities Market Commission (CNMV) has suspended short selling in an attempt to protect local stocks from the recession triggered by the outbreak of coronavirus.

The decision will last one month, starting 17 March, with a potential extension for additional periods not exceeding three months.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.