Ripple Labs Inc. has announced that Banco Santander, a Spanish multinational commercial bank, selected Ripple's technology called RippleNet to speed up bank's transformative cross-border payments app One Pay FX.
One Pay FX has reportedly expanded its services to 19 countries including the US, Chile and Portugal.
One Pay FX Chief Technology Officer, Ed Metzger, says the partnership with Ripple "is key because our success so far gives us the confidence to move ahead even faster."
"It is not just the technology. Being part of RippleNet has helped us to forge sustainable and scalable relationships with other financial institutions around the world," Metzger added.
Metzger highlights Ripple helps the company to address the speed issue of international transactions. With Ripple's technology, some payments on One Pay FX now happen instantly, One Pay FX CTO pointed out.
Last year, the popular Spanish bank redeemed a $20 million bond with the help of Ethereum's blockchain.
The bank has made an early prepayment of a bond based on blockchain which was issued on September 10, demonstrating this way that Ethereum’s blockchain can be applied to securities issuance across the full lifecycle of a security.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.