Over the course of the past couple of years, Ripple has forged a range of partnerships with major banks and financial institutions with one single aim. The main aim of forging these partnerships has been to make the cryptocurrency XRP the digital asset of choice for some of the leading financial institutions.
The Spanish banking giant Santander (NYSE:SAN) had been one of the first major banks to sign up with Ripple back in the day and currently uses the xCurrent software to facilitate payments through the One Pay FX service. Until yesterday, the service could only be used to send money to the United States from either Spain or the United Kingdom.
However, Santander announced that is it now in the process of building a corridor that will allow customers in South America to send money by way of the One Pay FX app to the United States for free. Although it is true that it is a major development for Ripple, it does not do anything for the cryptocurrency XRP. Santander is not going to use the cryptocurrency in order to facilitate the process. At this point in time, the bank has introduced the service in its main markets, and it has been revealed that One Pay FX has managed to garner a lot of interest among customers.
The Chief Executive Officer of One Pay FX spoke about the service and stated, “Customers who were not doing international transfers are now using the service, customers who were using international transfer are now doing it more, and customers who had gone to use Fintech competition have come back because of the One Pay offering.”
Although it is true that it does nothing for XRP, it needs to be pointed out that there remains a possibility of Santander using the XRapid service at some point in the future and if that happens, then XRP will come into play.
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