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American Express, UK Santander Partners....... RIPPLE for cross-border payments using blockchain

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  • Payments made by American Express' business customers on its FXIP platform will now be routed through Ripple's enterprise blockchain network
  • The blockchain project will initially allow customers in the U.S. to make instant, traceable cross-border payments with U.K. Santander bank accounts



  • RIPPLE BLOCKCHAIN NETWORK and its currency XRP are deepening their market integration and expansion with a recent partnership with American Express and Santander for cross border payments  between the U.S. and the U.K. by using blockchain technology.

    The two major banks - American Express and Santander chose the financial technology firm Ripple to speed up cross-border payments made by American Express' business customers on its FX International Payments (FXIP) platform will now be routed through Ripple's enterprise blockchain network, RippleNet.

    Blockchain — otherwise known as distributed ledger technology — allows vast amounts of data to be stored on a dispersed network of computers around the world, rather than on one centralized server.

    It was originally used to record all bitcoin transactions but increasingly businesses are finding alternative uses for the technology, such as payments, trade finance and identity verification.

    "This collaboration with Ripple and Santander represents the next step forward on our blockchain journey, evolving the way we move money around the world," Marc Gordon, executive vice president and chief information officer at American Express, said in a statement Thursday.

    American Express' blockchain project will initially allow customers in the U.S. to connect instant, traceable cross-border non-card payments to U.K. Santander bank accounts.

    "This blockchain solution opens up a new channel between the U.S. and the U.K. and presents significant opportunity for payments globally", Jose Luis Calderon, global head of global transaction banking at Santander, said in a statement Thursday.

    Ripple CEO Brad Garlinghouse said that its blockchain network would allow the business customers of financial services firms to move money in "real-time."

    "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," Garlinghouse said in a statement Thursday.

    Ripple said that it is has tested a means of speeding up payments with its cryptocurrency, XRP, and that this would become a feature in its partnerships with banks and other financial companies further down the line.

    "The XRP currency will come into play later on in the evolutionary dynamics and the other players," Marcus Treacher, global head of strategic accounts at Ripple, told CNBC in an interview.

    "The technology we have developed, it separated a connection from the cryptocurrency or the token. So what that means is that a bank or non-bank like AMEX can use Ripple to connect and just exchange value from one fiat currency to another directly, without the need for any intermediate blockchain currency."


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