American Express Praises Ripple’s Capability to Process Cross-border Transactions ‘In a Matter of Seconds’
Ripple is a fintech which focus on using blockchain technologies to facilitate financial operations via traditional means appears to be bearing positive results. Not only has XRP established itself as the most important altcoin in the global market cap, but the company and its services continue to receive praise from significant players in the world of finance.
Ripple: A Good Partner for American Express
Speaking at the Wings of Change Europe conference in Madrid a few days ago, Carlos Carriedo, general manager of corporate payments at American Express explained that Ripple has the potential to improve the way payments are traditionally processed around the world.
“Blockchain is absolutely an option we’re looking at. Just to give you a sense, we have invested in a fintech lab based on blockchain technology, just to understand how to leverage this better….
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.”
A Bright Future Needs Time
In spite of the enthusiasm, Mr. Carriedo was emphatic in mentioning that there are still some aspects that need to be appropriately adressed before it is possible to talk about a massive implementation; however, he is convinced that there is a great potential in Ripple technology.
“There is 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…
The future is definitely digital. Digital is the way payments will continue to be across both the consumer part of the business the commercial part of the business”.
American Express has formed a serious business relationship with Ripple in an effort to achieve solutions that reduce the friction and inefficiencies inherent in legacy payment systems currently in use. Two of the most important fruits of this alliance were the collaboration with Santander for the installation of a cross-border payment processing network and the approval of a permit to operate in China.
For American Express, the innovation offered by some fintechs such as Ripple is of utmost importance to adapt its business policy to modern times:
“There are companies who can do the emerging technology faster and in a more inexpensive and we need to partner with them.