Home > News > One of Europe’s largest banks backs Ripple as the best cross border payment system

One of Europe’s largest banks backs Ripple as the best cross border payment system

Santander who are one of the biggest banking giants in the world have stated ‘it (Ripple) has no match’. They have been testing a system called ‘One Pay FX’ developed by Ripple and believe that the quality of service provided by the technology is second to none. It seems that Santander is not the only fan as American Express have recently set up a trial with Ripple too.

Executive chairman Ana Botin says it provides fast and timely payments to any part of the world. Botin went on to state the bank currently uses One Pay FX app to power 50% of all its transactions and is looking at extending its use to its customers who do not operate accounts with Santander.

Quote by Santander Executive chairman Ana Botin

(Quote source: Santander Executive chairman Ana Botin)

Cross border payments have long been a problem in traditional banking, banks charge many fees to customers who need to send money all over the world. In Europe, the regulations are much easier to work with but if you are in other areas of the world sending money does take much longer. There have been many businesses set up to provide solutions to this problem, Transferwise is one of the biggest non-traditional ways to send money around the globe and Western Union transacts massive amounts. If this Ripple pay experiment is successful it seems there may be another competitor on the loose who can complete the transactions cheaper and on the same day, look out rivals!

Could other banks follow?

Well much depends on the outcome of this trial with Santander and it seems like its going well. In the background Ripple have been trialling their liquidity solutions with other lesser known banks. In South Korea. Woori Bank and Shinhan Bank, two of the largest commercial companies in the country, released their plans of integrating Ripple by 2019. The OnePay FX solution could make it much easier for other banks to implement this syste

Ripple in its own right is doing very well with its own services it has over 200 customers on its Ripplenet network. Its no wonder people believe XRP is the future for cryptos, with feedback like this from one of the worlds largest banks its sure to have a good future.

Good news for ripple does not necessarily mean good news for XRP/USD. As more companies used Ripples blockchain technology it doesn’t make XRP a more attractive proposition as it is just one coin. The only plus point it does bring to XRP is that it is seen as safe and reliable. The more brand recognition it gets the more people will trust it and with the latest spate of hacks that could only be a good thing.

Ripple Price Analysis

XRP/USD chart provided by tradingview.com 10/01/2019

(XRP/USD chart provided by tradingview.com)

It seems despite some of the positive headlines for Ripple, XRP is taking a hit as the overall crypto landscape sold off overnight and in the early hours of the London session. XRP looks slightly more resilient than BTC (Bitcoin) at the moment which dipped under 3800. We are currently in a downward channel creating lower lows and lower highs but the main support level comes from the lows seen in August of 0.246117 and then the price rallied over 200% to hit the highs of just under 0.800000. On the upside, a confirmation of a move higher could come from the break of the trendline resistance. If this breaks it would mean that the 0.38251 level would also need to be broken, but it would be bullish a confirmation signal if the price could hold above there.

XRP/BTC is looking more sideways at the moment but the pair has just crossed a trendline support area seen on the daily chart. There is more in the way of support with the next level seen at 0.00008528. In general terms, the trend is still on an upward trajectory and the chart is much more bullish than the XRP/USD pair. Longer term a bullish confirmation would be a break above the resistance level just above the price at the moment.

XRP/BTC chart provided by tradingview.com 10/01/2019

(XRP/BTC chart provided by tradingview.com)


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