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Ripple exec reveals execution of 100,000 transactions in concert with Banco Santander

Chayanika Deka

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One of the world’s leading blockchain firms, Ripple’s payment technologies have been popular with many banks globally. One such bank is Banco Santander, which is one of the firm’s largest clients. Despite the fact that the UK-based financial institution does not leverage XRP for payments, the bank is bullish on Ripple’s payment capabilities. While addressing the need for distributed ledger technology or [DLT] on the stage of ‘The Economic Club of New York,’ Ana Botín, Executive Chairman of Banco Santander, stated,

“I think we [Ripple and Banco Santander] are global leaders and, I would say top three or five in terms of blockchain based technologies. We have a great partnership with Ripple, so we think we can lead in terms of automation. Because don’t forget this is about automation, blockchain is just one piece of automation to make, in this case, payments more effective more transparent faster and cheaper for the consumer.”

She further revealed that the bank has executed 100,000 transactions with its first blockchain-based international money transfer service, called One Pay FX, released in April 2018. Santander had previously revealed that the transaction volume had tripled between January and June 2019. She added,

“I think DLT is a distributed letter technologies are gonna be one of the pieces that it’s going to allow for much more efficient faster you know the consumer wants everything 24/7 365 and that’s what we’re gonna be doing with this infrastructure”

The Spanish megabank exec further stressed on the Financial Stability Board‘s report which stated that the application of decentralized financial technologies and the more decentralized financial system could in fact “benefit financial stability.” Released in June this year, the report stated that a more decentralized financial system “may reinforce the importance of an activity-based approach to regulations, particularly where it delivers financial services that are difficult to link to specific entities and/or jurisdictions.” Along the same lines, Botín said,

“..just go and read the Financial Stability Board report on this and they recommend in a world of DLP and distributed technologies you need activity-based supervision because this is super important so it took us much longer but what we eventually did is we found a great company like Ripple, we invested in it and together we launched One Pay FX.”

Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.