Ripple Network is a blockchain-based remittance payment network used in borderless payment competing with the likes of Western Union etc.
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Santander, one of the Spanish biggest bank by total asset and market capitalization, had designed a Ripple enabled payment app called One Pay FX that made the use of crypto accessible to a wider geopolitical zone.
Ripple has dual capabilities as a currency and a payment channel. With the collaboration of Santander, the use of crypto is now acessible to 22 geopolitical regions.
One Pay FX is now available to United States residence, Chile and other newly added 19 geopolitical regions including the already available countries; Poland, Spain, Brazil, and the United Kingdom.
Ripple has gained traction around the remittance sector, as the blockchain powered payment channel is majorly used by the banks including world’s oldest bank, Barclays for international transactions at a global scale.
“Customers told us that the international payments process could be better so we partnered with Ripple to explore how BTC could make transactions faster, cheaper and more transparent,” Ed Metzger, CTO of One Pay FX said in the statement.
“Ripple helps us directly address the issues raised by our customers […] Whether they are putting down a deposit on a holiday rental or paying a foreign supplier, they see exactly how much will arrive when they’re making the payment and have certainty about when it will get there.”
Facts You Should Know About Ripple (XRP):
Ripple is a global payment channel based on blockchain and cryptocurrency for global remittance.
Ripple (XRP) cryptocurrency is owned and issued by the payment channel “Ripple Network.”
Ripple is mostly used by banks for faster and cheaper payments beating the traditional way of borderless transactions which is usually costly and takes 3-5 days to arrive.