Santander Bank’s Head of Innovation, Ed Metzger, recently spoke about Ripple’s technology and how the bank utilizes it to deliver cross-border payments. This comes after the bank launched an app known as OnePay FX earlier this year based on Ripple’s technology.
Metzger stated that their use of Ripple’s technology has “improve[d] [their] customers’ lives”, which comprises about 140 million individuals across retail and commercial fields worldwide. He went on to say:
“We believe that financial services is moving to a world of open platforms where companies collaborate to deliver excellent customer service for their customers, and that’s at the core of what we’re doing with OnePay FX.”
He also spoke about the ease of access the app offered to consumers across the world, offering anecdotes of customers who used the app. He stated that the app made it so that something that “would have taken an awful long time in the past” occurred in “four or five clicks”.
Moreover, he also elaborated upon the indicators of a bigger change occurring within the customers of Santander. He stated:
“People don’t have to plan ahead. They can send an international payment when they need to. That’s really powerful.”
The bank, which is one of the largest in the Eurozone, released the payments app in April. They have a “deep presence” in over 10 markets, with the app being released for UK, Spain, Brazil, and Poland.
Metzger also stated that they will very shortly have support for Euros on the Santander app and that they are going to roll out the service for “more customers, more channels and more geographies.”
As for the bank’s reasons for launching the app, Metzger explained:
“We noticed was a pent-up demand in our customers especially in regards of international payments. There’s a level of dissatisfaction with the current services.”
This led the bank to look at how to improve the service to match the “rising expectations” of their customers. This is how they discovered Ripple, he said. He elaborated:
“We started to say, it’s obvious the world is being changed by technology. What technologies are they out there that could help us improve the service that we give to our customers for international payments? That’s how we started working on Ripple.”