Major Spanish bank Santander plans to roll out its Ripple-powered international payments arrangement One Pay FX in United mexican states in 2022.

In a Form 20-F filed with the United States Securities and Exchange Committee on March 6, the bank revealed that Mexico will be offering the service in early 2022.

The One Pay FX system

Based on Ripple'south RippleNet technology, One Pay FX is independent from XRP and does not demand the digital currency to function, as a Santander spokesperson previously outlined to Cointelegraph.

In its Course 20-F filing — an annual written report that must be submitted to the SEC by all foreign private issuers with listed equity shares on U.Due south. exchanges — Santander describes the solution as a:

"Multi-corridor international blockchain solution [...] for individuals and SMEs [small-to-medium enterprises]."

One Pay FX commencement launched in four Santander banks — Kingdom of spain, Brazil, Poland, and the Great britain — back in 2022. Santander Portugal and Republic of chile joined the solution the following year.

The blockchain system'due south benefits, Santander claims, is transparency, predictability, competitive cost and better speed, ostensibly countering electric current customer experiences which it describes as "sub-optimal" and prone to "client stickiness."

Years of collaboration

As previously reported, Santander and Ripple developed Ane PayFX over several years, with early trials indicating that the solution could provide improvements over traditional transfers as early on as 2022. In 2022, Santander's capital arm InnoVentures, contributed $4 million to Ripple's $32 1000000 series A funding.

RippleNet, offset created in 2022, continues to undergo technical developments, including "core consensus improvements," according to recent comments from Ripple's principal technology officeholder David Schwartz. Schwartz has also signaled his involvement in enabling tertiary parties to launch other 3rd-party cryptocurrencies, including stablecoins, on the XRP ledger.

Last week, Cointelegraph reported on new amendments to a course-action lawsuit leveled against Ripple's CEO Brad Garlinghouse, which centers on allegations that Ripple violated the U.S. Securities Act in its 2022 initial coin offer for the XRP token.