The Spanish Bank Santander is expanding its One Pay FX service further into Latin America after introducing the service in Spain, the UK, Brazil and Poland in 2018.
The service is part of Santander’s partnership with Ripple, the blockchain payment company. It will enable free money transfers between the new Latin American markets and the US. The bank already has a similar service set up in Britain and in Spain.
However, the bank was unclear about which countries it is rolling out the technology in, according to a Coindesk report, referring to the service as a “payment corridor”.
Santander argued that the launch will have a significant impact on Latin America’s underserved population, saying it is “almost impossible to do an online payment” in some parts of the continent.
In related news, Santander was recently rumoured to have ended its partnership with Coinbase, the cryptocurrency exchange. Although, a FinTech Global report revealed that Santander denied blocking payments to the cryptocurrency exchange.
The rumours began after reports surfaced that Barclays had ended its partnership with Coinbase.
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