The leading partner with Ripple, Santander has now teamed up with SWIFT to go live in four countries including, Poland, the UK, Spain and Argentina. The banking giant will be using SWIFT’s Global Payments Innovation GPI technology for cross-border payments.
In the reveal it said:
“With SWIFT gpi, Santander can now offer a rapid cross-border payments service – with real-time payments tracking and transparency on bank fees and foreign exchange rates.”
The announcement also revealed that the banks aim is to go live in Mexico and Chile by the end of the year. On top of this, 80% of Santander cross-border transactions will be live on SWIFT GPI by the end of 2018. Moreover, they plan to extend to other countries by next year.
Ever since the launch of SWIFT GPI last year, the banking giant and SWIFT have been working tightly in Global projects, looking massively on providing solutions for customers of Santander, suiting their location in the world.
The GTB Head at Santander Espana, Eva Bueno Velayos spoke on the matter and said:
“For us, SWIFT gpi represents a good opportunity to improve the experience provided to our clients in their international payments, making the process faster and more transparent while simultaneously making our internal processes more efficient. We are looking forward to advancing in the following phases in order to achieve the best possible service in our payments offering.”
The Santander giant has been using Ripple’s payment solution for cross-border payments. In fact, earlier in the year, they released a RIpple powered application called, OnePayFX.
In a recent interview, the Head of Innovation over at Santander, Ed Metzger stated that Ripple’s technology has improved their customer’s lives. According to AMB Crypto, Metzger spoke about OnePayFX and said:
“We believe that financial services are moving to a world of open platforms where companies collaborate to deliver excellent customer service for their customers, and that’s at the core of what we’re doing with OnePay FX.”
The team at Ripple will be part of the upcoming conference for SWIFT, Sibos, which will be held from 22nd October to 25th October and they will start showing off RippleNet.
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