American Express and Santander partnered with Ripple to speed up cross-border transactions between the United States and the United Kingdom with blockchain technology!
Payments made by American Express customers from the FX International Payments platform will now pass through Ripple's blockchain network, RippleNet.
American Express Executive Vice President Marc Gordon said in his statement today:
"This business alliance with Ripple and Santander will ensure we do not advance on the blockchain and develop our worldwide money transfer method."
With this project, American Express customers in the US will be able to transfer instant, trackable, cross-border payments to Santander bank accounts in the UK .
Jose Luis Calderon, general manager of global transaction banking in Santander:
"Blockchain technology is creating a new channel between the US and the UK. At the same time it provides a very important opportunity for global paychecks. "
With Blockchain technology, all parties involved in the business combination will be able to track the status and cost of transactions.
Ripple CEO Brad Garlinghouse said that Ripple BlockChain's financial services firms will provide "real-time" money transfers:
"We are taking a big step with American Express and Santander to create a solution to the problems that corporate customers face in global payments. The processes that used to take days to settle will now be completed in real time. "
Both American Express and Santander said the blockchain project could spread worldwide .
Crypto Money Will Include Subsequent
Ripple said he could speed up the payment process with his crypto-paid XRP. He also mentioned that XRP could be used in future partnerships with banks and other financial companies.
Ripple's general manager of strategic accounts, Marcus Treacher, told CNBC in an interview:
"The technology we developed has become separate from the crypto paradise or token. So banks can use Ripple to convert any nominal currency directly into another nominal currency without the need for a currency based blockchain. "