Ripple has reportedly partnered with Santander bank in a move that is likely to excite Ripple investors. Santander group have followed in the footsteps of many banking institutions that have also signed up to use this crypto-currency. This partnership is likely to cause shortwaves across the crypto sphere since Santander bank is one of the largest financial institutions in all of Europe. The financial clout and influence of the institution are likely to propel Ripple (XRP) into quicker adoption. Santander will be using Xcurrent to carry out international transactions through a service known as one Pay FX.
One pay FX will enable users to make payments to the United States, United Kingdom and across Europe in less than a day. This service will be a hit with consumers who have been accustomed to waiting for two to three days for transactions to go through. Santander Bank’s executive chairman Ana Botin, expressed delight in the partnership stating that payment protocols based on the blockchain were more cost-effective, faster and more efficient. She also reiterated the safety of transactions based on the block-chain and announced plans to roll out the service in several different markets.
So how is Ripple planning to actualize the one pay FX service? Ripple will move to put financial institutions like Santander bank to Xcurrent for a start. Xcurrent’s ability to facilitate quick cross-border payments and make them happen in a day’s time will be very popular with banking institutions. Ripple will then gradually encourage banking institutions to transition into X-rapid. X-rapid is an even faster service that will facilitate quicker transactions while enabling users to increase their savings by up to 30 percent.
The switch from Xcurrent to Xrapid comes at no extra cost meaning that institutions will be quick to make the switch. The deal with Santander bank will most likely reverberate around the markets in a positive way. Although Ripple is still in the red trading at a rate below 70 cents right now, there is hope for an upturn in the near future. Positive deals like the one made with Santander Bank will in due time make Ripple (XRP) the number one crypto-currency for facilitating international payments.
