Santander expands Ripple app to serve the U.S. and 18 others

Santander announced Friday it is partnering with blockchain payments protocol Ripple to bolster its presence and cross-border services to several newer regions.

It has been a Ripple partner since 2018, but after yesterday, over 19 new countries and regions will be served via the One Pay FX app.

Ripple July 9, 2020.Expanding to key markets.

Ripple confirmed in a release One Pay FX will now be available in key markets like the U.S, Chile, and Portugal.

All listed countries already had Santander banking facilities available but did not feature the bank's RippleNet capabilities.

"We're looking to expand One Pay FX to new territories and customer segments so more people can benefit from faster, cheaper, and more transparent international payments," said One Pay FX CTO Ed Metzger.

Metzger said customers also requested a "Better" international payments process, which culminated in the bank exploring Ripple's enterprise blockchain solutions for faster cross-border transactions.

One Pay FX was launched in 2018 as a partnership between Banco Santander and Ripple.

The cheaper transaction fees and faster settlement speeds along with the enhanced transparency around every payment have generated very positive customer feedback since One Pay FX's launch, Santander chairman Ana Botín said in the release.

He added half of the bank's annual international transfers can now be handled by the app.