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Santander Makes Plans To Provide Mexico With Ripple-Powered Payments

Santander, a major Spanish banking firm, has made its plans known to roll out the Ripple powered international payments system, One Pay FX, into Mexico. This plan will be enacted this year.

Pushing Services To Mexico

Through a Form 20-F that was filed with the US Securities and Exchange Commission (SEC), it can be revealed that Mexico will be offering this service in early 2020. The filing itself was done on the 6th of March, 2020

Through the use of the RippleNet technology as a base, One Pay FX stands as an independent service from XRP proper and holds no need for any form of crypto to function. This was previously outlined by a spokesperson back in August of 2019.

News Through Filing With SEC

Through the Form 20-F filing, an annual report whose submission is mandated by the SEC for all foreign private issuers with listed equity shares within any US exchange, Santander described the solution. The company expressed that it was an international multi-corridor blockchain solution, built for Small-to-Medium Enterprises (SMEs) and aspiring individuals.

One pay FX had first launched with Santander back in 2018. Back then, it was only available to four Santander banks, those of the UK, Spain, Poland, and Brazil. As the days went one, Santander Chile and Portugal were added to the list of solution providers.

A Match Made In Heaven

As time went on, Santander and Ripple had started to work alongside each other, developing the One Pay FX solution through several years’ development. The early trials indicated that this solution, in particular, can provide an edge over transfers, showing this as early as 2016. Back in 2015, InnoVentures, the capital arm of Santander, contributed an impressive $4 million to the Series A funding round of Ripple, which managed to accrue a total of $32 million

RippleNet was created eight years ago, back in 2012. From there, it’s continuously undergone technical developments, including the integration of “core consensus improvements,” according to the comments. The comments, in particular, was given by none other than the Chief Technology Officer, or CTO, of Ripple, David Schwartz. Furthermore, Schwartz had signaled his interests in enabling third-party users to launch their respective forms of crypto on the XRP ledger, stablecoins included.

Lingering Legality Issues

Last week, new amendments were made in regard to the class-action lawsuit currently being leveled against Brad Garlinghouse, the CEO of Ripple. The entire case has been going on for some time, centering on allegations that Ripple’s XRP token, is unregistered security, and the SEC doesn’t like that one bit.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.