The new payment system is dubbed One Pay FX and will be powered by Ripple when it eventually enters Mexico later this year.
The filing, however, includes other details about the platform. It is described as a solution for small-to-medium enterprises (SMEs) and also other individuals. It will also be powered by blockchain technology.
In December 2019, Santander announced it successfully redeemed a bond it initiated in September. The entire process was done via blockchain via an Ethereum-based token, representing $20 million.
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