Santander Releases OnePay FX App

On April 10, Santander released OnePay FX Application, which allows the users to make regular international payments
10 April 2018   619

In February we have reported about Banco Santander announcing the launch of a mobile payment application based on the technology developed by Ripple.

On April 10, Santander released OnePay FX Application, which allows the users to make regular international payments of up to £10,000 a day in euros to all nineteen Eurozone countries; and US dollars to the USA.

OnePay FX AppOnePay FX App Screenshots

OnePay FX allows the users to:

• Either enter the amount in Pounds to send or the amount of Euros or Dollars to be received
• Always see the final amount that will be received
• Store the details of payments so it’s easier to pay them again 
• See all the payments made using the app
• Send payments to individuals rather than companies 

We will not charge you a transaction fee for using OnePay FX. However, the payment may be subject to receiving bank fees if you send a payment in Euros or Dollars to an account which uses a different currency. If we introduce a transaction fee in the future, we’ll inform you of the fee before you complete the transaction. 
 

OnePay FX Description

The users who would like to use OnePay FX will need the Santander Online or Mobile Banking log on credentials and a Santander debit card registered with Apple Pay.

It was indicated previously that the payment application developed by Santander and Ripple will appear in the first quarter of 2018, and OnePay FX is likely to be that very app. Nevertheless, the App Store description of OnePay FX app does not include any mentions of Ripple technology.

Mitsubishi Corporation`s Funds to be moved via RippleNet

Mitsubishi Corporation, together with a few partners, are going to move real funds over RippleNet: this is another validation of Ripple’s present technology
15 May 2018   241

The name of Mitsubishi is known to many people as a car manufacturer. The parent enterprice, nevertheless, has bigger plans for the future. In collaborance with MUFG Bank, Bank of Ayudhya, and Standard Chartered Bank, a blockchain pilot has been planned. 

This venture especially focuses on RippleNet, the technology aimed to facilitate cross-border payment flows. The main object of this test is to refine cash processing. All parties included trade with real-time and multi-currency payments on a daily basis. Cross-border transactions while stay slow, expensive, and subject to a fair amount of administration. With RippleNet, these payment flows can be bettered upon significantly. 

The goal of the pilot is to demonstrate the commercial viability of delivering high-speed cross-border payments between independent banks. As global trade continues to increase, the problems associated with cross-border payments are being experienced by smaller businesses as well. These companies don’t have the treasury resources or experience in navigating the pitfalls of today’s payment rails.
Ripple officials

Ripple’s technology is being tested for not the first time. RippleNet is a developing enterprice which basically collected support in the Asian region. Additional tests on this scale will define whether or not RippleNet is indeed a lively addition to the financial sector. The above-mentioned trial will be kept by Mitsubishi Corporation. Its subsidiaries’ accounts in Thailand and Singapore will see a real-world money transfer using RippleNet. It is also the first time a Japanese firm finishes a cross-border payment transaction over Ripple’s technology. If successful, this test can state a big precedent for other domestic firms to explore.

Depending on how the test goes, the parties intend to commercialize this payment resolve. Bringing RippleNet to the real world is an ongoing struggle, albeit things are proceeding as planned. With all of these firms showing a genuine interest in the project, Ripple has to provide the goods. Partnership with Mitsubishi Corporation at this stage paints an interesting outlook.