Spanish banking giant Santander is bringing its Ripple-powered payment solution to Mexico this year, according to news outlet The Block.
According to a form filed with the U.S. Securities and Exchange Commission, Santander said the solution, One Pay FX, will be coming to Mexico in early 2020.
Initially launched in 2018, One Pay FX is a money transfer solution and leverages RippleNet to settle cross-border transactions.
Santander said the solution offers transparency, competitive cost and better speed, improving the overall customer experience. One Pay FX is currently available for Santander’s customers in six countries: Spain, the U.K., Brazil, Poland, Portugal, and Chile.
Santander will also launch Pago FX, an expansion to One Pay FX. Pago FX is an app that provides international money transfer services for non-Santander customers. Currently, Pago FX will first be available in the UK, with other European countries to follow in 2020. The upcoming web service for Pago FX will offer a greater range of payment solutions – with options for individuals, sole traders, and small-to-medium-sized businesses.
Ripple is backed by Santander’s capital arm InnoVentures, which invested $4 million in Ripple’s $32 million series A funding in 2015.