Banks in crypto Misinformation XRP

Our Bad, Santander Bank Apologizes for XRP usage Misinformation

Santander bank has apologized for a tweet sent out by Santander UK that appeared to confirm that the bank was using XRP to facilitate cross-border payments. Banco Santander, who happen to be close ripple partners based in Spain, apologized for the tweet that was in response to a user who had enquired on how the bank was fairing using XRP payments.

Hi all how is Santander getting on with using XRP for payments ?— wes G (@wesgranger) March 23, 2019

Hey Wes, 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. ^TC— Santander UK Help (@santanderukhelp) March 23, 2019

The tweet that followed from Santander UK excited the XRP army, some of whom went on went on to light up social media.

BBBBBOOOOOOOOOOOOOOOM!!!

SANTANDER is using #XRP!!!!

EVERYONE WILL USE XRP!#XRPtheStandard #ripple #crypto https://t.co/dXixH96r4l— JackTheRippler🤫🐻🏦 (@RippleXrpie) March 23, 2019

Neither Ripple, nor Santander had made a formal announcement that they had sealed a deal that would see the bank use XRP for payments; but according to XRP enthusiasts, they had found proof that that was the case.

What had been revealed to the public was that Santander had rolled out a crypto based app known as One pay FX to enable easy, convenient, and fast cross-border payments that would cut the traditional 3 to 5 days it took to send payments to just a day. It was also in the public domain that the app was leveraging Ripple’s Xcurrent technology.

This is why when the tweet blew up, we suspected that Santander UK customer care maybe, were not quite clear on the difference between Xcurrent, and XRP. It is not hard to tell why XRP enthusiasts were so excited though, since they expected that the supposed move would help push the price north.

After Santander UK’s tweet went viral, some users said that if XRP was truly being used by Santander, it would lead to huge volumes on the XRP ledger. Santander however drove a dagger into a lot of hearts when they denied using XRP in their cross-border payment operations. They corrected that earlier tweet, while also issuing an apology to users.

You can’t blame the XRP community for taking to the news as quickly as they did though, since Ripple has been on the up and up the last few months.

Ripple has gone on to seal amazing partnerships in this first quarter of 2019 that have seen them link up with companies such as SendFriend, an MIT founded company that facilitates money transfers to the Philippines, London based Euro Exim bank that like Santander uses Xcurrent for cross border payments, Transpaygo; which facilitates international transfer of funds and is set to use XRP to provide on-demand liquidity thereby reducing costs and boosting transaction speeds.

The partnerships are proof that Ripple is well on its way to the mainstream, if it isn’t officially there already. Whether Santander will take up XRP to help facilitate cross-border payments is not known, but at the moment according to the bank; it simply isn’t the case.

Gif courtesy of tenor.com

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