American Express moves B2B transactions to blockchain with Ripple

16 November 2017

American ExpressAmerican Express is partnering with Santander UK and blockchain startup Ripple over enabling cross-border business-to-business transactions over Ripple’s network in real time. Customers of American Express using its FX International Payments (FXIP) service will be able to make non-card based payments to their partners using blockchain technology provided by Ripple.

At the initial stage American Express business clients will be allowed to perform instant and easily traceable payments to the accounts with Santander UK, however, the companies plan to expand their geography and bank reach to other countries and financial institutions at later stages.

In the official statement Ripple expressed its confidence that this joint effort will help reduce the time and expenses for settlements while facilitating the communication between the businesses with clear visibility of transactional details and costs.

Greg Keeley, speaking for American Express, noted that the partnership is a step to save the time required for global transactions and to increase the efficiency of the process for the businesses. Brad Garlinghouse, a CEO at Ripple, adds that from now on the international transfers that used to take long time before will be completed in real-time enabling the speed of business interaction.

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