American Express has recently revealed their results for pilot testing Ripple’s xCurrent solutions for cross-border payments.
During the Wings of Change Europe conference held at Madrid, General manager of corporate payments for Amex, Carlos Carriedo, says Ripple’s technology contains the potential to drastically improve the current status quo of international payments.
“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.”
Carriedo further states that American Express is aware of the massive potential blockchain technology has as a whole, and plans to continue further investing in the technology.
“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…
So 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.”
Previously in November, American Express and Santander both announced a partnership with Ripple, in order to increase the speed of non-card transaction made between the UK and UK. With both Amex and Santander decide to further expand this partnership on a global scale, based on the results.
It’s only a matter of time before even more banks decide too jump on the blockchain train as well. Although will they also decide to use Ripple’s system or another?
What are your thought on this?