American Express has traced the footsteps of Cuallix, Airwallex and Agricole for recently becoming a part of RippleNet’s radar aimed at modernizing the global payment gateway. American Express wishes to ensure optimum customer experience, foster business-to-business global payments and provide real time service using the Blockchain Technology of RippleNet. Initially a partnership shall be formed in between Santander UK and American Express FX International Payments (FXIP) for creating a transaction medium in between U.K and U.S which will be the first of its kind payment corridor. United States is the biggest trading partner of United Kingdom making such a frictionless global payment platform all the more necessary.
FXIP customers will experience paradigm improvement in the sphere of global financial transactions by leveraging the massive potential of RippleNet. In comparison to the traditional set of payment process, the blockchain-enabled payments of Ripple simplify connection in between intermediaries and guarantee end-to-end visibility of the transaction cost and status.
By integrating RippleNet into its system, FXIP shall also benefit from the increased level of security. Greg Keeley, the executive vice president of global corporate payments at American Express recently stated 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.”
Also Read: Bill Gates Foundation Uses Ripple’s Interledger Technology
Apart from streamlining commercial payments, American Express can also establish its stronghold in U.K. weighing down on its partnership with Santander UK for fostering cross-border payments between both. Santander’s global head of transaction banking, José Luis Calderón recently said that:
“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.”
Brad Garlinghouse, the CEO of Ripple agreed with Calderón’s statement and pointed out that:
“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.”
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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.
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