Oct 12, 2018 at 09:30
Oct 12, 2018 at 10:18 UTC
The leading commercial bank and Ripple’s partner, Santander has partnered with SWIFT to go live in four nations, to be specific, Argentina, Poland, the UK and Spain. The banking giant will use SWIFT’s GPI (Global Payments Innovation) technology for cross-border payments.
The announcement stated –
“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 declaration likewise uncovered that the bank’s objective is to go live in Mexico and Chile by the end of 2018. Furthermore, 80% of Santander cross-border exchanges will be live on SWIFT GPI before the current year is over. Additionally, they intend to stretch out to different nations in 2019.
Ever since the launch of SWIFT’s Global Payment Innovation in 2017, both SWIFT and Santander have been working intently in worldwide projects, focusing profoundly on giving answers for Santander clients, suiting their geographical location.
The GTB Head at Santander España, Eva Bueno Velayos 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.”
It’s been quite a while that Banco Santander has been using Ripple’s payment solution for cross-border payments. Not long ago, they propelled a Ripple powered application, OnePayFX.
Recently in an interview, Ed Metzger, the Head of Innovation at Santander, expressed that Ripple’s technology has enhanced not just their customer’s experience but their lives too. Talking about OnePayFX, he stated –
“We believe that financial services is 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.”
Ripple’s group will be a part of SWIFT’s forthcoming conference, Sibos, which will be held from October 22nd to October 25th where they will exhibit RippleNet.