American Express (AMEX), the US-based multinational financial services corporation today announced the introduction of blockchain based cross-border payments. The AMEX FX International Payments (FXIP) business will work with Ripple, the blockchain powered global payment solution company.
Santander UK was chosen as the bank partner to initiate AMEX’s new transaction channel. Initially, Ripple will connect American Express’ customers to Santander in the UK, providing instant, trackable, cross-border payments. RippleNet will also support remittances from American Express customers in the U.S. to reach UK bank accounts through Santander.
Marc Gordon, Executive Vice President and Chief Information Officer at American Express said:
“American Express has a long history of integrating new technologies into innovative products and services that differentiate and enhance the customer experience. This collaboration with Ripple and Santander represents the next step forward on our blockchain journey, evolving the way we move money around the world.”
With the integration of Ripple into the American Express FXIP platform, non-card payments can be routed through Ripple’s real-time payment network, known as RippleNet.
José Luis Calderón, Global Head of Santander Global Transaction Banking stated:
“We are committed to creating a leading international payment eco-system meeting the needs of companies and customers worldwide. This blockchain solution opens up a new channel between the U.S. and the UK and presents 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.”
Compared with traditional payment processes, blockchain-enabled payments improve international transactions by simplifying connections with intermediaries and providing immediate end-to-end visibility into the transaction status and cost.
Brad Garlinghouse, CEO of Ripple commented:
“We’re 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 business today. It is just the beginning, and we look forward to growing this partnership to help other American Express FXIP customers.”
