Mainstream banking big Santander has teamed up with blockchain and crypto funds outfit Ripple after buyer requests for improved pace.
“Clients advised us that the worldwide funds course of may very well be higher so we partnered with Ripple to discover how blockchain might make transactions quicker, cheaper and extra clear,” Ed Metzger, CTO of One Pay FX mentioned in a press release posted by Ripple on July 9.
A forward-thinking entity, Santander constructed One Pay FX as a borderless blockchain-based cost channel, within the type of an app. The assertion famous Santander constructed the app alongside Ripple.
Metzger described suggestions from app clients noting difficulties with transaction trade fee readability and timing confusion.
“Ripple helps us immediately tackle the problems raised by our clients […] Whether or not they’re placing down a deposit on a vacation rental or paying a international provider, they see precisely how a lot will arrive after they’re making the cost and have certainty about when it’ll get there.”