Ripple’s blockchain technology is ruling the banking and financial world with its partnerships with the top in the industry. The partnership between Ripple and American Express also includes Santander Bank and promises a solution which will be of high speed and cheap cross-border transactions.
American Express (also known as AMEX or Amex) is an American multinational financial service headquartered in New York City. In 2017 Forbes named American Express the 23rd most valuable brand in the world with an estimated worth of $24.5 billion USD. In 2018 Fortune ranked American Express as the 14th most admired company worldwide and the 23rd best company to work for.
AMEX’s logo is a gladiator and this signifies the degree it goes to in order to be the best in the financial industry. Thus AMEX’s management decided to join forces with Ripple.
Ripple, Santander and American Express partnership disclosed by mistake
The first news of Amex partnering up with blockchain broke when a job posting on Amex’s website went viral before being deleted. The job post read:
”In 2018 we are introducing a block chain solution with Ripple and Santander. This is an exciting time to join the FXIP organization as we increase our focus on growth, new products and technology offerings to meet customer needs and build on the American Express brand as a top, global provider of payments services.”
Colin O’Flaherty, Vice President of American Express, confirmed the alliance between Ripple and Amex at the Money 20/20 Europe conference last week. He said:
”Ripple offers instantaneous, point-to-point conversations between the sender and receiver of funds. And that provides a real opportunity to alleviate most of the issues our customers are facing.”
As of now, xCurrent seems the most likely choice to be used by AMEX as Santander also used it for its OnePayFX application.
xCurrent is helping banks settle cross-border payments instantly with an end to end tracking in place. Real-time confirmations are carried out prior to the transaction, with an immediate response once the payment is received and settled.
The first round of talks between American Express and Ripple was in November 2017 where Amex’s FXIP platform used Ripplenet technology for payments.
American Express noticed clients being happy about the faster payments thanks to Ripplenet technology. There were much fewer queries about the payment status which highlights the speed of Ripple.
O’ Flaherty spoke briefly about the future of Ripple’s connection with Amex, stating:
”American Express’s intention is to expand based on successes to date — to focus on making Ripple-enabled services available across new global corridors with the large transaction flows.”
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