'NOT using XRP': Large bank corrects statement after making XRP army happy

26 Mar, 2019
by Jelmer van der Dussen
'NOT using XRP': Large bank corrects statement after making XRP army happy

The large Spanish bank Santander has corrected an earlier statement on Twitter, in which it said it used XRP for international payments to 18 countries and the United States. It seems the bank does not use XRP, but Ripple's xCurrent payment system.

On Saturday, a Twitter user asked the customer service of Santander UK how 'Santander is getting on with XRP for payments'. Santander replied with: 'We're doing great. We're using XRP for international payments to 18 EU countries and the USA. This is on our iPhone app called One Pay FX.'

The reply was shared widely by the XRP army, with over 650 retweets and 1400 likes. Twelve hours later, Santander needed to correct the statement. 'We are sorry, unfortunately due to a misunderstanding we have given incorrect information. We do apologise for the confusion this has caused. One Pay FX uses xCurrent only.'

The roles of XRP and Ripple are often confused, with XRP being the digital asset and Ripple the company behind it which holds the majority of the XRP tokens. Next to creating XRP, Ripple has also released products such as xRapid and xCurrent. xCurrent is similar to SWIFT and allows quick settlement for cross border payments. xRapid is using XRP to settle transactions with XRP functioning as a bridge between currencies. Santander currently uses xCurrent, which does not use XRP.

Read more: XRP for the banks: will the large ones ever use the Ripple token?

However, in the latest version of xCurrent it is easier to access xRapid. Therefore, in the near future banks might start using XRP through the xCurrent-xRapid connection.

Read more: XRP at $589? Is it really possible for Ripple's token?

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Read more about: Ripple (XRP)


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