American Express Praises Ripple for Cross Border Payments

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American Express Praises Ripple for Cross Border Payments

According to a top American Express representative, Ripple has the potential to revolutionize cross-border transactions globally.

Speaking in Madrid recently at the Wings of Change Europe conference, Carlos Carriedo, the credit card giant’s general manager of corporate payments indicated this was one reason that blockchain integration was high on the company’s agenda for change.

Clearly, Ripple’s XRP has caught the eye as the preferred blockchain route for the company moving forward, if Carriedo’s views are a clear representation of the Amercian Express’ programme for future development of financial services around the globe. He explained why his company was looking at Ripple becoming a significant blockchain partner in the future:

“Blockchain is absolutely an option we’re looking at. Just to give you a sense, we have invested in a fintech lab based on blockchain technology, just to understand how to leverage this better…We did a test, partnering with Santander locally, and with Ripple to just do cross-border transactions…And in a matter of seconds, through this test, our clients were able to transfer funds in a very transparent and seamless way, from one part of the world to the other one.”

Ripple itself has just joined three other partners to form a European blockchain called “Blockchain for Europe” in order to bring together what it describes as “fragmented” voices in Europe into a “more unified whole” in matters of the blockchain. Such moves are sure to offer confidence to intuitional players such as American Express, in the fact that Ripple is becoming a far more representative voice for the blockchain industry as a whole, despite its Bitcoin purist detractors.

Ripple is spreading its global network. And by working with American Express, collaborating with Santander to reduce the current inefficiencies of cross-border payments it has heightened its global profile. Also, significantly Ripple has gained approval to operate in China, opening up other opportunities in the region.  By using Ripple, Santander has stated that it wants to fundamentally change cross-border payments universally by establishing a strong alliance between the two companies. AM’s Carriedo again, speaking of the future of payments:

“There is more to come. There’s still a lot of things that need to get addressed with blockchain as a technology. But it’s very promising…The future is definitely digital. Digital is the way payments will continue to be across both the consumer part of the business the commercial part of the business”.

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