The just concluded FIA 2018 awards announced Banco Santander as the winner of the Financial Innovation Award for integrating Ripple to OnePayFX.

The Spanish multinational financial service company has partnered with Ripple since 2015 to integrate the RippleNET technologies in their services. The event, which was held in London at Hilton London Bankside, saw a couple of blockchain projects gain recognition for their revolutionary developments in the financial service industry.

Banco Santander bank partnered with Ripple Inc. for the Santander OnePayFX (OnePayFX in short) project back in April this year.

The partnership aims to provide their customers with a fast and efficient payment system and instant settlements for international transfers. The FIA2018 winner was first launched in Europe (Spain and Poland), U.K and Brazil through the xCurrent platform on RippleNET.

In addition to instant settlement, OnePayFX service will show customers the exact amount to be received before sending the money. Ana Botin, Executive Chairman of Banco Santander had this to say on OnePayFX:

“Our goal is to help the thousands of people who use international payments services every day. We will be adding more currencies and destinations in the coming months.”

In 2015, Santander announced a US$200 million funding to Ripple through its venture capital fund. This came a few months after the two partnered to integrate the RippleNET technologies. The financial service institution has funded more projects in areas relating to big data, advisory, mortgages and SMEs since then.

Ripple Inc. has partnered with over 100 banks across the world to integrate its RippleNET technologies. Currently, xCurrent is being integrated in banks to provide instant settlements. Other products include xRapid that uses XRP to provide constant liquidity and xVia, that enables simple access to the RippleNET for users.

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