American Express Announces That Ripple Powers Cross-Border Transactions In A Few Seconds
American Express unveils the results of a pilot test of Ripple’s xCurrent solution for cross-border payments.
Ripple can improve international payments
During the Wings of Change Europe conference in Madrid, Amex general manager of corporate payments Carlos Carriedo said that Ripple’s tech could significantly improve international payments.
“We did a pilot. We did a test, partnering with Santander locally, and with Ripple to just do cross-border transactions. Cross-border transactions continue to be complex and slow. 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.”
He also said that American Express sees massive potential in the blockchain tech as a whole and continues to invest in it.
He said that the blockchain technology is an option that they’re looking in and they have invested in a fintech lab that’s based on the blockchain just to understand how to leverage it better.
“So 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,” he said.
Enhancing the speed of non-card transactions
It’s also worth noting that back in November 2017, American Express and Santander teamed up with Ripple in order to increase the speed on non-card transactions between the UK and the US.
Both of them said that they are open to expanding the partnership across the world based on the results.
Ripple started to roll out the new version of xCurrent to some of its clients, and the main ones are Santander and American Express.
The new version of xCurrent is 4.0, and it provides financial giants the option to plug into xRapid which is Ripple’s cross-border payment solution that’s powered by XRP in order to offer increased liquidity and enhanced speed.
Ripple’s version 4.0 of xCurrent is the main rival of SWIFT, and it’s more closely integrated with Ripple’s other important product, xRapid.