American Express Partners up with Ripple for Instant Payments
It has often been said that blockchain technology has the potential to reshape our financial market. After all, during the last couple of months, numerous financial companies have decided to give blockchain a try, in order to offer faster, more secure and cheaper services.
According to recent reports, American Express has just joined RippleNet, following a couple of more companies including Credit Agricole, Cuallix and Airwallex. Following this partnership, American Express will be able to offer a couple of more advanced services to its users, including, but not limited to real-time business to business payments.
It is important to point out the fact that before anything else, American Express will partner up with the Santander UK company, in order to create a better transaction channel between the United States and the United Kingdom. The two countries have been trading together for a long period of time, therefore this decision will help facilitate the creation of a global payments system for the UK market.
Once the American Express – RippleNet partnership begins, users will quickly notice a big improvement when it comes down to sending money internationally.
For those who do not know, the Ripple blockchain payment system provides several advantages, such as simplifying all forms of connections between intermediaries, while also providing end-to-end visibility, which customers can harness to learn more about the transaction status and its afferent cost. Additionally, blockchain technology is capable of providing superior security when compared to traditional financial platforms.
In a recent press statement, Greg Keeley, the executive VP of Global Corporate Payments behind American Express, has mentioned that: “We’ve already seen evidence that blockchain technology is playing a transformational role in the way customers are served (…) 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.”
As customers will no longer have to wait for days before a payment is cleared, the CEO of Ripple Brad Garlinghouse mentioned that: “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. ”
If everything goes as planned, then chances are that many other financial companies will consider the idea of adopting blockchain technology, for faster, more secure and cheaper payments.