American Express: Ripple enables transactions in seconds
Industry experts see Ripple’s Blockchain technology as the new crypto money and a solution to solve the traditional problems of the traditional financial industry. American Express has been testing a software solution from Ripple for some time and is very satisfied with the results.
American Express reveals the results of a test run with Ripple’s xCurrent software solution used for cross-border payments. At the Wings of Change Europe conference in Madrid, Carlos Carriedo, General Manager for Corporate Payments at Amex, explained that Ripple can dramatically accelerate the currently slowly evolving status quo of international payments:
We did a pilot test. We have carried out a test, a partnership with Santander locally and with Ripple, to carry out only cross-border transactions.
Cross-border transactions are still complex and slow. This test enabled our customers to transfer money very transparently and seamlessly from one part of the world to another within a few seconds.
Carriedo is really satisfied with the results and sees great potential in blockchain technology. His company will continue to invest in the research of this new innovation (freely translated):
Blockchain is absolutely an option we’ll look at. To give you a feeling, we have invested in a Fintech laboratory based on Blockchain technology. Just to understand how you can make better use of it…
So more to come. There are still many things that need to be addressed with the blockchain as technology. But it’s very promising.
The partnership between Amex, Santander and Ripple is now more than a year old and is trying to accelerate the speed of transactions between the US and the UK. Both American Express and Santander themselves are open to expanding the partnership worldwide, also on the basis of the results available.
