Spain’s leading bank Santander is working to create a “payment corridor” through which customers from Latin America can make money transfers to the United States. About this writes CoinDesk with reference to company representatives.
In particular, for these purposes, it is planned to use the One Pay FX mobile application using Ripple’s xCurrent software. The product does not interact with the XRP token.
In 2015, Santander, through its venture division InnoVentures, funded Ripple for $ 4 million. Then, during Series A, a California company attracted investments totaling $ 32 million.
One Pay FX is currently only available in the United States and Spain for money transfers in the United States.
In Latin America, Santander is present in Brazil, Uruguay, Chile, and Mexico, but the bank did not report which countries will be connected to this corridor.
As Cedric Mesener, CEO of One Pay FX, noted, unlike the SWIFT system, which is mainly used by banks for international payments, xCurrent offers instant payments without commissions, and also gives users the opportunity to see exchange rates before sending money
“Customers who have not made international payments in the past now use this service; those who have used international translations now do this more often; those who have left fintech competitors are now returning to use One Pay, ” he added.
Recall, the One Pay FX application, which was developed over two years, was launched in April this year.