The movement to modernize the global payment system is quickly gaining momentum as another major global financial services company joins RippleNet.
American Express is the latest company to become a member of RippleNet, joining the ranks of Credit Agricole, Airwallex, Cuallix, and more.
American Express is joining Ripple’s blockchain network to provide real-time, business-to-business global payments that will ultimately enhance their customers’ experience.
Initially, American Express FX International Payments (FXIP) will partner with Santander UK to create a transaction channel between the U.S. and U.K. — a first and a boon for the corridor. The U.S. is the U.K.’s largest trading partner, creating an immediate need for frictionless commercial global payments in the U.K. market.
Partnering to deliver faster, better service
By leveraging the power of RippleNet, FXIP customers will see an immediate improvement in how they send money globally.
Compared with the traditional payment process, Ripple’s blockchain-enabled payments simplify connections with intermediaries and provide immediate end-to-end visibility into the transaction status and cost.
What’s more, FXIP’s use of RippleNet will maintain the level of security that American Express customers have come to know and expect.
“We’ve already seen evidence that blockchain technology is playing a transformational role in the way customers are served,” said Greg Keeley, executive vice president of global corporate payments at American Express.
“Not only does this partnership with Ripple help decrease the time it takes for international transactions to be processed, it can make our transactions more effective for our customers,” Keeley added.
Joining forces to avoid settling for less
FXIP’s partnership with Santander UK to send cross-border payments between the U.S and U.K will help American Express not only streamline commercial payments, but also establish a wider footprint in the U.K.
José Luis Calderón, Santander’s global head of transaction banking, said, “This blockchain solution opens up a new channel between the U.S. and the U.K. and presents a significant opportunity for payments globally.
“Collaborating with forward-thinking businesses has enabled us to deliver this cutting-edge, secure, friction-free payment solution and extend our ‘Simple, Personal, Fair’ philosophy to American Express and their customers.”
Ripple CEO Brad Garlinghouse agreed with Calderón’s statement stating, “Ripple is taking a huge step forward with American Express and Santander in solving the problems corporate customers experience with global payments.”
“Transfers that used to take days will be completed in real time, allowing money to move as fast as businesses move today. It’s just the beginning, and we look forward to growing this partnership to help other American Express FXIP customers.
Opinion: Finally this is done and announced. It doesn't matter that they are using XRP as the currency or not. The ripple blockchain will be the trojan horse once these corporates uses and benefit from it, they will be more open to using XRP as the currency which further bring down their cost. It's more important to get more corporates only board now than trying to sell XRP.