Santander to expand Ripple-powered payments to Mexico this year

Spanish banking giant Santander is bringing its Ripple-powered payment solution to Mexico this year.

Revealing the news in a Form 20-F filed with the U.S. Securities and Exchange Commission earlier this month, Santander said the solution, One Pay FX, will be coming to Mexico “in early 2020.”

Initially launched in 2018, One Pay FX is a money transfer solution and leverages RippleNet (formerly xCurrent) to settle cross-border transactions. It does not use XRP.

Santander said the solution offers transparency, “competitive cost” and better speed, improving the overall customer experience. 

One Pay FX is currently available for Santander’s customers in six countries - Spain, the U.K., Brazil, Poland, Portugal and Chile, per the Form 20-F. Santander once said the solution will be launched in all of its markets.

Ripple is backed by Santander’s capital arm InnoVentures, which invested $4 million in Ripple’s $32 million series A funding in 2015.