Spanish banking giant Santander is preparing to launch a new remittance service in Latin America, using Ripple’s xCurrent solution, which does not use XRP cryptocurrency like its xRapid solution.
CoinDesk reported the news Monday, saying that the bank is building a “payment corridor” to enable its Latin American customers send money to the U.S. instantly and for free via the bank’s One Pay FX app, which uses xCurrent solution.
Currently, the One Pay FX app enables money transfers only between the U.K. and Spain. The bank will launch the new corridor country-by-country in Latin America, but is not clear when and which country would begin first, per the report. Santander currently serves Brazil, Uruguay, Chile and Mexico.
Last week, there were reports that Santander has blocked users’ payments to crypto exchange Coinbase, but the bank clarified to The Block that it was “not the case,” and that some exchange payments are subject to checks.