Ripple and its partnership are across bulletin for a quite long. Recently, Santander, a U.K. Bank becomes the latest name to employ Ripple for real-time cross-border payments.
The official announcement states as;
“It’s the first time a U.K. bank has sent payments of this type via Ripple and launched it as a commercial service.”
The bank claims that by employing Ripple’s technology, an estimation of $20 billion every year in cost will be saved. More prominently, the cost of cross-border payments cost incurred over creating powerful new value propositions for customers and the cost spends to improve regulatory compliance.
Introducing Ripple’s Bidirectional Messaging App
Santander’s new App will be built on top of Ripple which enables international money transfers within a day. To be precise, the App will be called “bidirectional messaging app” which assist users to review information about both the parties (the senders and the receivers), foreign exchange (FX)rates, status on tracking payments and delivery and also the time taken to execute the transaction.
It is to be noted that the outdated payment systems and delayed money transfer are the worst situations banks are facing. The App using Ripple will also address “the lack of visibility inot costs and delivery timeliness for cross-border payments”.
Notably, the bank has released its new App to its 7000 staff members. It is under pilot testing and will continue to evaluate for additional use cases.
Some of the docs being shared by @Ripple at #SFF2018. Insight into the work they have done with @bancosantander, @InstaReMit and the latest with “#XCurrent 4.0”.@XRPTrump @BankXRP @XrpCenter @LeoHadjiloizou pic.twitter.com/f7UzW2JBD6
— ecent (@EDadoun) November 12, 2018
“As an early adopter and pioneer in the banking industry, Santander is the first bank in the world to transfer real funds externally with this technology. In doing so, they are creating a new, exemplary standard of service,”
said Chris Larsen, co-founder, and CEO at Ripple.
By employing Ripple and its underlying technology, Santander and other banks can leverage better customer service and meantime, reduce payment delivery risk and operational costs.