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Spanish banking giant Santander Group has revealed that it is building a “payment corridor” that would allow Latin American customers to send money to the U.S. instantly via One Pay FX at no fees CoinDesk reported.
Launched in April 2018, One Pay FX is an international payments service which uses xCurrent, a technology based on distributed ledgers owned by Ripple. It is currently available to retail customers in Spain, UK, Brazil, and Poland, with only UK and Spain-based customers able to send money to the U.S.
Speaking with CoinDesk, Cedric Menager, CEO of One Pay FX, said that the service was gaining traction.
“Customers who were not doing international transfers are now using the service, customers who were using international transfer are now doing it more, and customers who had gone to use fintech competition have come back because of the One Pay offering,” Menager said.
The bank is planning to expand the service to Latin America, he said, without disclosing which Latin American countries would be connected to the corridor. Santander itself serves Brazil, Uruguay, Chile, and Mexico. In addition, the payment corridor will not involve the use of Ripple’s native token XRP.
The bank said that the service will be launched on a country-by-country basis, but refrained from disclosing further details. It is also planning to bring One Pay FX to U.S. Santander customers, allowing them to send money overseas, but have not decided a timeline for the launch yet.
Santander is also working to lure non-Santander customers with another xCurrent-based international payment product called ‘Pago FX.’
“International payments is a way for us to acquire customers having a painful experience with traditional banking,” Menager said.
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