American Express, a financial services provider, announced that its FX International Payments (FXIP) division will use Ripple blockchain to provide real-time, trackable non-card payments between US and UK corporate customers who do banking in Santander UK.
FX International Payments platform will operate on a global payments network, RippleNet, which will allow to reduce the settlement time for international payments from days to seconds.
“American Express has a long history of integrating new technologies,” said Amex chief information officer Marc Gordon. “This collaboration with Ripple and Santander represents the next step forward on our blockchain journey, evolving the way we move money around the world.”
Compared with the traditional payment process, Ripple’s blockchain-enabled payments simplify connections with intermediaries and provide immediate end-to-end visibility into the transaction status and cost. Ripple works with many big banks and payments providers already, including Credit Agricole, Standard Chartered and SBI Holdings.