Spanish banking giant, Santander, has revealed plans to introduce a cross-border payments system to Mexico.
The new payment system is dubbed One Pay FX and will be powered by Ripple when it eventually enters Mexico later this year.
The company’s filing with the US Securities and Exchange Commission (SEC), shows that the plan for One Pay FX is for an early entrance into Mexico this year. Also, while the new platform will be a part of RippleNet and will use its technology, it is not in any way connected to XRP and may not require XRP at all.
The filing, however, includes other details about the platform. It is described as a solution for small-to-medium enterprises (SMEs) and also other individuals. It will also be powered by blockchain technology.
Santander initially launched One PAY FX in 2018 for retail customers in Poland, Spain, Brazil, and the UK. The announcement at the time touted the launch as the first time a bank was introducing an international payments service powered by blockchain, to several countries. It also used Ripple’s xCurrent.
In December 2019, Santander announced it successfully redeemed a bond it initiated in September. The entire process was done via blockchain via an Ethereum-based token, representing $20 million.
Image Credits: Pixabay
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