Ripple has launched an app in partnership with Banco Santander, the largest bank in Spain, to allow users to perform cheap and quick international monetary transactions. The app called One Pay FX uses Ripple’s blockchain technology to make transfers possible between currencies in Europe and the United States.
“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,” said the executive chairman of Banco Santander, Ana Botín.
She added that One Pay FX is just one of the many applications to come that will be using Ripple’s blockchain. The bank made the investment in Ripple back in 2015 by using the money from its fintech fund, Santander Innoventures. For past two years the app has been under development.
In its first phase, One Pay FX will be used by customers in the U.K. and Spain to transfer currency from these countries to locations in Europe and the U.S. Customers that are from Poland can only make transfers to U.K.
“Transfers to Europe can be made on the same day and we are aiming to deliver instant transfers across several markets by the summer,” said Botin. Last week the app was launched and as a consequence, the XRP coin saw an increase in its value.
Ripple’s technology has also been used for pilot projects with financial institutions, such as UBS and Standard Chartered. It is obvious that Ripple has no shortage of partners or projects for the time being.