Digital transformation seems to be the order of the day. Several countries have started embracing this and Mexico too is not far from doing this. The major Spanish banking player has announced its foray into facilitating cross-border payments systems to Mexico.
The all-new payment system called One Pay FX is an innovative Blockchain-based system that has been introduced to easily make transfers between individuals located in different countries. The bank aims to improve transparency and improvise efficiency in the system. The payment system is Ripple-powered and is all set to be launched later this year. The bank has filed a Form 20-F with U.S security and exchange commission(SEC) this month beginning. The bank has claimed that One Pay FX will augment transparency in its operations and also bring about a rapidity in the exchange of payments thereby improving overall customer experience.
The unique payment solution which is backed by Ripple technology does not work with XRP token. One Pay FX was launched and it began its operations in Spain and the UK. Now it is all set to enter Mexico in a big manner and intends to capture the entire market. It has been developed for a period of 4 years and has proven to be a great alternative to conventional transfer systems. A total of $4 million has already been contributed by the bank since 2016 compared to $32 million Series A funding by Ripple.
Ripple’s CTO David Schwartz has always been forthcoming in aiding third party cryptos including stablecoins. Earlier Ripple was also charged with the violation of US security acts in its ICO in 2013 for XRP. The hearing process is still ongoing.
Ripple has been constantly providing a cross-border payment platform to many enterprises and also plans to develop a trading platform with the XRP-laden payment solution. While the firm plans to develop this platform, it is also on the lookout for an engineering manager who could assist in building On-demand Liquidity or the ODL platform to exploit faster speed, lower transaction costs and also leverage on the scalability of the XRP platform.
Image Source – Finextra