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American Express rolls out blockchain-enabled cross-border B2B payments

The American Express FX International Payments (FXIP) in partnership with blockchain solutions provider Ripple introduced today a payments bridge across the pond to enable the fastest transactions process. Santander UK is involved in this promising system, connecting for now US-based American Express customers to Santander’s British customers.

Ripple’s integration to the process will enable non-card payments to be routed through RippleNet, the blockchain company’s real-time payment network. Ripple will connect American Express customers to Santander in the UK, providing instant, trackable, cross-border payments.

Naturally, the perks of any proper blockchain-enabled system apply to the new bridge, as transaction time is instantaneous, costs are drastically reduced and third intermediaries ousted; all this while providing an end-to-end visibility into the process. This new system will also maintain the security level provided by any other American Express service, if not more.

“American Express has a long history of integrating new technologies into innovative products and services that differentiate and enhance the customer experience,” said Marc Gordon, Executive Vice President and Chief Information Officer at American Express. “This collaboration with Ripple and Santander represents the next step forward on our blockchain journey, evolving the way we move money around the world.”

Read the press release from American Express here. By Jean Leguy, Research Coordinator at Holland FinTech]]>

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