This article was first published on Insights – Ripple
As well as being one of the biggest banks in the world, Banco Santander also has a reputation as one of the finance industry’s most innovative organizations. Since the launch of its innovation fund, InnoVentures, in 2014, Santander has invested heavily in a range of digital technologies. But every innovation must directly benefit the bank’s millions of customers, like One Pay FX—the transformative cross-border payments service created in partnership with Ripple.
“We want to be at the forefront of the merging of finance and technology,” explained One Pay FX Chief Technology Officer, Ed Metzger, “but our innovation is always customer led. Customers told us that the international payments process could be better so we partnered with Ripple to explore how blockchain could make transactions faster, cheaper and more transparent.”
International payments are just one of a large range of services that Santander offers to its 146 million retail and commercial customers around the world. But the frequency of feedback about the lack of clarity and transparency in the traditional process suggested that an opportunity existed for any bank that could overcome these challenges.
“Customers told us that they never knew how much money was going to get to their recipient because it was never clear what the exchange rate would be or what fees would be charged,” recalled Metzger. “On top of that, they had no transparency about when the payment was going to get there. They just knew it would take 3-5 days. This type of feedback is standard across the industry. No one was solving the problem.”
Relieving the Pain of Slow, Expensive Cross-Border Payments
Santander’s search for an innovative solution never focused on a specific technology. Instead the bank looked for any way to solve their customer’s specific pain points, which is why Ripple proved ...
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