In addition to being one of many greatest banks on the planet, Banco Santander additionally has a popularity as one of many finance business’s most revolutionary organizations. Because the launch of its innovation fund, InnoVentures, in 2014, Santander has invested closely in a spread of digital applied sciences. However each innovation should straight profit the financial institution’s thousands and thousands of shoppers, like One Pay FX—the transformative cross-border funds service created in partnership with Ripple.

“We need to be on the forefront of the merging of finance and expertise,” defined One Pay FX Chief Know-how Officer, Ed Metzger, “however our innovation is at all times buyer led. Clients instructed us that the worldwide funds course of might be higher so we partnered with Ripple to discover how blockchain might make transactions quicker, cheaper and extra clear.”

Worldwide funds are only one of a big vary of companies that Santander gives to its 146 million retail and industrial prospects around the globe. However the frequency of suggestions in regards to the lack of readability and transparency within the conventional course of prompt that a possibility existed for any financial institution that would overcome these challenges.

“Clients instructed us that they by no means knew how a lot cash was going to get to their recipient as a result of it was by no means clear what the trade fee could be or what charges could be charged,” recalled Metzger. “On prime of that, they’d no transparency about when the cost was going to get there. They only knew it will take 3-5 days. Any such suggestions is customary throughout the business. Nobody was fixing the issue.”

Relieving the Ache of Sluggish, Costly Cross-Border Funds
Santander’s seek for an revolutionary answer by no means targeted on a selected expertise. As a substitute the financial institution appeared for any technique to clear up their buyer’s particular ache factors, which is why Ripple proved to be a super companion.

Ripple helps us straight handle the problems raised by our prospects,” mentioned Metzger. “Whether or not they’re placing down a deposit on a vacation rental or paying a international provider, they see precisely how a lot will arrive after they’re making the cost and have certainty about when it’s going to get there. Ripple additionally helps us handle the pace situation of worldwide transactions. Some funds on One Pay FX now occur immediately. I made a cost just lately from an account I’ve in Spain to at least one within the UK and obtained textual content alerts in regards to the transaction from each accounts inside seconds of each other.”

Santander launched One Pay FX within the UK, Poland, Brazil and Spain. The cheaper transaction charges and quicker settlement speeds together with the improved transparency round each cost generated very constructive buyer suggestions. The service additionally obtained a Silver Award on the 2018 Distribution and Marketing Innovation Awards. However much more vital for Metzger, is how One Pay FX has modified buyer conduct.  

“First, we’re seeing particular person prospects make extra worldwide funds on the app,” he famous. “Earlier than they might have used a devoted remittances service, however now they’re coming again to us. As well as, prospects now deal with a global cost like a home switch. They’ve a lot confidence within the low price, identical day course of, it’s now not an enormous deal to ship cash overseas.”

Higher Funds Assist Extra Individuals Prosper
One Pay FX has been launched in six international locations and funds may be despatched to 2 dozen international locations, together with all of the euro zone.* Santander Government Chairman Ana Botín has mentioned that half of the bank’s annual international transfers can now be dealt with by the app. This represents a forex hall protection which might cowl roughly half of the present flows. Santander continues to look at buyer wants and suggestions to determine on subsequent steps to develop this system.

“We’re seeking to increase One Pay FX to new territories and buyer segments so extra individuals can profit from quicker, cheaper and extra clear worldwide funds,” concluded Metzger. “The partnership with Ripple is vital as a result of our success to date provides us the boldness to maneuver forward even quicker. It’s not simply the expertise. Being a part of RippleNet has helped us to forge sustainable and scalable relationships with different monetary establishments around the globe. By providing extra prospects a greater manner of sending cash overseas, we’re reaching our objective of serving to individuals and firms prosper.”

In case you’re serious about studying how RippleNet will help higher serve your prospects, contact us.

* This text was up to date for readability on July 10.

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