Spanish leading commercial bank and Ripple’s important partner Santander has recently announced about partnership with SWIFT. According to the official statement, the major bank will be going live in four countries on SWIFT’s Global Payments Innovation. The named four countries hence include Spain, the UK, Poland, and Argentina. The mentioned technology will be used to carry out cross-border payments within the listed countries.
Meanwhile the official statement released by the company went on stating that “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”.
And the future target countries for the company will be hence such major markets as Chile and Mexico. The company plans to achieve this by the company by the end of 2018. “In addition, 80% of Santander cross-border transactions will be live on SWIFT GPI by the end of this year. And the company plans to extend to other countries in 2019”, continued the statement.
On the recent development, Eva Bueno Velayos, GTB Head at Santander España, shared an official comment as well. Her message reads: “for us, SWIFT gpi represents a good opportunity to improve the experience provided to our clients in their international payments. And, as a result, we wish to making the process faster and more transparent and simultaneously. This hence will make our internal processes more efficient. And finally we are looking forward to advancing in the following phases in order to achieve the best possible service in our payments offering.”
Cooperation with Ripple
Banco Santander has been using Ripple’s payment solution for its cross-border payments. And moreover, the two major companies launched a Ripple powered application. The recently introduced app is called OnePayFX which.
Recently Santander’s Head of Innovation, Ed Metzger shared an official opinion on the partnership with Ripple. The key message of the comment said: “we believe that financial services are moving to a world of open platforms. Here companies collaborate to deliver excellent customer service for their customers, and that’s at the core of what we’re doing with OnePay FX”.