Banco Santander, a major Spanish bank, is gearing up to expand Ripple-based international payments services to Mexico.
In a Form 20-F filed with the Securities and Exchange Commission (SEC) on March 6, the banking giant revealed that it is planning to introduce One Pay FX, a RippleNet-based payments solutions, in Mexico “in early 2020.”
Santander is already offering One Pay FX-based services in Spain, Brazil, Poland, and the United Kingdom since 2018, while Santander Portugal and Chile joined the list the following year. Mexico will be the seventh country for the Spanish lender to offer blockchain-based payments.
Not using XRP
Launched by Ripple in 2018, One Pay FX facilitates cross-border payments leveraging RippleNet to settle transactions. Notably, the product does not use XRP for settlement.
The Spanish bank explained One Pay PX as “the first multi-corridor international blockchain solution in the world for individuals and SMEs- was launched in four Santander Banks.”
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“One Pay FX offers transparency & predictability, competitive cost, digital experience, and better speed, improving the current sub-optimal customer experience and client stickiness through a best-in-class global payment system,” the filing noted.
Santander is one of the major banking partners of Ripple, which became involved with the San Francisco-headquartered blockchain company in 2015, with the investment of $4 million in its Series A funding round. Ripple raised $32 million in that investment round.
The news came only a week after International Money Express (Intermex), another cross-border payment giant, revealed that it would not use RippleNet in its core markets, including Mexico.
While on-barding the Nasdaq-listed firm, Ripple touted that Intermex would utilize Ripple’s services for cross-border payments settlement in Mexico.
Meanwhile, Ripple is aggressively expanding its services in many markets, partnering with established players. Earlier this month, the company tied with Thailand’s fintech firm DeeMoney for cross-border money transfers.