In a recent interview, Ed Metzger, the Chief Technology Officer of OnePay FX at Banco Santander spoke about the partnership with Ripple and the different ways how the tie-up would be beneficial for customers as well as the entire ecosystem as a whole.
Metzger stated that the core idea of the partnership is Ripple addressing the pain points and demands of the customers in the international payments scene. According to him, the first thing in this model is to tackle the growing demands of the customers in the cryptosphere. He feels that as different aspects of life are improving, the way users conduct transactions has to be improved multifold and reach a certain standard.
The Santander official also touched upon a three-pronged approach to improving the standards of the international payments scene after teaming up with Ripple. Metzger said that transparency during payments was key as a lot of the users consider it a key factor during payments. He said:
“I need to know where my money is going and how. If a service tells me how much the entire process is going to cost me, they will win my trust. That is what we are trying to do with Ripple.”
Ed Metzger followed it up by acknowledging the importance of certainty in payments. He feels that as a customer, he or she should know what is going to happen to the money that is being sent and received. The next factor that he covered was the concept of speed in transactions.
He stated that Ripple being a decentralized network possesses the characteristics to make transactions across borders much faster and seamless. This involves everything from the payments being debited to the amount being credited to the respected receiver, said Metzger. He further added:
“One of our goals with this development is aligning the experience associated with international payments with the experience that users get from a lot of other commodities. It has to be digital, quick to gain access with fast recovery timings.”
Metzger had earlier stated that Santander’s use of Ripple’s technology has “improved customers’ lives”, which comprises about 140 million individuals across retail and commercial fields worldwide. Post the Ripple Swell 2018 he stated:
“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.”
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