Credit card giant American Express has unveiled blockchain-enabled, business-to-business cross-border payments.
According to the official release, AmEx FX International Payments (FXIP) business, in collaboration with enterprise blockchain solutions provider Ripple, is working to make blockchain payments commercially available and reduce the time and cost of settlement, while ensuring security aspect of the process. The integration of Ripple into the FXIP platform will enable non-card payments to be routed through Ripple’s real-time payment network, RippleNet.
Blockchain-enabled payments improve international transactions by simplifying connections with intermediaries and providing immediate end-to-end visibility into the transaction status and cost.
American Express announced that it has partnered with Santander UK to initiate this new transaction channel. Its customers will be connected to Santander’s in the UK via the Ripple network, providing instant, trackable, cross-border payments. AmEx said that RippleNet is helping remittances from its customers in the U.S. to reach the UK bank accounts faster than ever before through Santander.
“This blockchain solution opens up a new channel between the U.S. and the UK and presents significant opportunity for payments globally. Collaborating with forward-thinking businesses has enabled us to deliver this cutting-edge, secure, friction-free payment solution and extend our Simple, Personal, Fair philosophy to American Express and their customers,” José Luis Calderón, Global Head of Santander Global Transaction Banking, said.
“We're taking a huge step forward with American Express and Santander in solving the problems corporate customers experience with global payments,” said Brad Garlinghouse, CEO of Ripple. “Transfers that used to take days will be completed in real-time, allowing money to move as fast as business today. It is just the beginning, and we look forward to growing this partnership to help other American Express FXIP customers.”
