Major international bank Santander plans to roll out its One Pay FX app in Mexico this year. The app, developed in conjunction with blockchain-based international remittance firm Ripple, was launched in 2018 to enable instant cross-border settlements.
While utilizes Ripple’s RippleNet product, formerly known as xCurrent, it doesn’t use Ripple’s cryptocurrency token XRP. The blockchain-based technology makes use of a widespread network of over 300 financial partners in countries around the world to enable instant, low-cost payments.
Although an exact date has not been noted, Santander has filed a Form 20-F with the U.S. Securities and Exchange Commission (SEC) with regards to the new implementation. If all goes well, Mexican businesses and individuals should be able to start using RippleNet in their country soon.
Santander has already rolled out the One Pay FX app to several other countries, including the UK, Spain, Poland, Portugal, and Chile. All these existing countries will be included as transaction destinations with Mexico once the system is up and running.
New ODL Payment Platform
In other Ripple news, it looks like the company might be upgrading some of its systems or possibly introducing a new platform. A recent job posting by the company stated:
“We’re looking for an engineering manager to lead and shape the team responsible for the ODL customer experience, integration into our next-generation trading platform and be a critical part of defining the future trajectory of On-Demand Liquidity and RippleNet.”
On-Demand Liquidity (ODL) is a product that uses blockchain technology to make cross border payments faster and cheaper. In Ripple’s case, it uses XRP to provide a scalable solution that offers high speeds at a low cost.
XRP in the markets
Ripple’s XRP cryptocurrency fell sharply earlier this month along with other assets following the news of the coronavirus outbreak. It has managed to recover slightly over the past two weeks, climbing back up to $0.17 from a low of $0.12.
While the growth is promising, it’s a far cry from this year’s high of $0.33 although only slightly down from the years starting price of $0.19. While stock markets around the world continue to struggle with the effects of the outbreak, cryptocurrencies appear to be making some gains. The overall crypto market cap has gained almost $10 billion in value over the past 24 hours.