Santander supports Ripple in Latin America

Santander supports Ripple in Latin America - Banco Santander

Even in Latin america cryptocurrencies are enjoying considerable success. Just think of the many projects started in Argentina, where digital assets are proving to be an excellent counterweight to the fragility of weight, and in BrazilBut not only.
The very favor that many investors reserve for Bitcoin and Altcoin has therefore also pushed the banking institutions to look with less and less suspicion at the phenomenon, trying to exploit its potential and, therefore, the positive sides that can derive from it. How are you doing the Santander Group.

Santander focuses on Ripple

The Santander Group banks will offer a service based on Ripple in Latin America. An important news, as One Pay FX, the mobile app that uses Ripple's xCurrent platform thus opens up a real "payment corridor" thanks to which mainland customers will be able to send their money to the United States not only quickly, but also for free .
Considering how the Iberian banking group is currently present in Brazil, Uruguay, Chile e Mexico, it is presumed that these will be the leading countries in the first phase of the operation. While for i US customers it is not yet clear what will happen, since if Santander declared its intention to offer them the same service, in this case the very restrictive laws of the USA act as an obstacle.

The statements of Cedric Menager

To explain the meaning of the operation One Pay FX was Cedric Manager, CEO of the company offering the service. He was the one who remembered that customers reluctant to make international transfers were converted to them convinced by the soundness of the procedures, while those who used international transfers intensified the frequency of operations. The consumers who had decided to opt for fintech services offered by the competition then returned to the fold.
A series of benefits, those proposed by One Pay FX, which should attract many customers in a Latin America where the international payment experience is less developed if compared to European markets, or even non-existent. With this kind of service, Santander shows its willingness to focus on a particular customer segment, the one formed by those who have had problematic relationships with the traditional banking sector and would not return to it without having adequate counterparts.

An alternative to the SWIFT system

The peculiarity of One Pay FX consists of representing one real alternative to the SWIFT system (acronym of Society for Worldwide Interbank Financial Telecommunication) on which financial transactions are currently held. Founded in 1973 in Brussels, SWIFT is able to ensure a network supported by more than 10 thousand financial institutions of 212 countries located in every part of the globe, in order to send and receive information relating to financial transactions. Before its debut, the reference system for moving money was TELEX, overburdened, however, by considerable slowness and inadequate security systems. Problems that are gradually emerging for SWIFT too, so much so that the financial system is forced to look around for a search possible alternatives.