Ripple, alongside with American Express and Santander, have been working to offer cross-border payments using Blockchain technology. The intention is to offer instant transactions between the United States and the United Kingdom using blockchain.
American Express payments executed by business customers on the FX International Platform (FXIP) will be done through Ripple’s blockchain network.
“American Express has a long history of integrating new technologies. This collaboration with Ripple and Santander represents the next step forward on our Blockchain journey, evolving the way we move money around the world,” told AMEX CIO Marc Gordon on a press release.
As mentioned before, this project will start to work between the United States and the United Kingdom. The intention of the three companies is to extend the technology worldwide to provide better banking services.
“We are 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,” said Garlinghouse, Ripple’s CEO in a statement on Thursday.
Regarding Ripple’s currency, the purpose is to add it in the future as a means of speeding up the payments. In this way, Ripple will start to be used by different financial institutions and banks.
“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,” told Marcus Treacher, global head of strategic accounts at Ripple, to CNBC.
Ripple Working with Central Banks
UseTheBitcoin has informed some days ago, that Ripple has been exploring blockchain technology solutions with different central banks from all over the world. The intention is to explore the new fin-tech technologies and develop the next generation of payments.
“The summit provided an opportunity to explore the full payments landscape: central banks’ domestic trials, Ripple’s growing cross border network and interoperability across systems. Together, these form the beginning of an Internet of Value, where payments move as easily as the data across the internet,” told Mr. Garlinghouse at the meeting at Carnegie Hall in New York City.
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