The One Pay FX app, which utilises back-end technology created by Ripple (the company), seems to make cross-border payments quick, simple and cheap…
Ripple (the company) has been on something of a charm offensive of late in support of its payments and transfer technology, which it has been gradually working into the behind-the-scenes systems of a range of banks over the past few years. Part of that offensive has also seen it attempt to further distance itself from Ripple the cryptocurrency (aka XRP) – which it created, but is keen to avoid being classified as a security in the US due to the massive war-chest of XRP that Ripple (the company) holds in its coffers.
Part of that charm offensive was sending Ripple (the company) backer Ashton Kutcher onto Ellen Degeneres’ show to donate $4m-worth of the Ripple (the cryptocurrency) it has stashed away to one of her charities – and, of course, show off the company’s cross-border payments technology in the process. We covered that ‘event’ here.
Eagle-eyed online watchers of that clip pointed out that the app Kutcher used to undertake the ‘live’ transfer (was that really his smartphone screen, or just a bit of TV magic?) looked a lot like a de-branded version of Santander’s One Pay FX app, which Ripple (the company) helped create.
Now, Ripple (the company) has released a video showing the actual process of using One Pay FX in the wild, and how it can bring the timescale of transferring money abroad down from a few days to a few seconds. The transfer does not involve anywhere near as impressive an amount as Kutcher’s donation, indeed transfers are limited to £10,000 per day apparently. That’s kind of the point, though; part of the attraction of One Pay FX is that the quick, seamless nature of its blockchain-powered transfers is designed to make small payments between currencies easy, and far less costly in terms of fees.
Anyway, here’s the video…
With regulators in the US beginning to gather themselves to lay down some rules for the sector, expect more PR from Ripple (the company) over the next few months as it tries to boost both it’s own business, and the value of Ripple (the cryptocurrency) on which its ecosystem relies.
The latter of those two thing could be the most difficult of the two, with some exchanges reluctant to carry it for fear of being seen as trading securities and this falling foul of any incoming rule changes and the ongoing efforts of the SEC to police the sector.