All aboard the Amex blockchain payments express
Blockchain? That’ll do nicely
American Express has launched blockchain-enabled, business-to-business cross-border payments with Santander using Ripple’s network.
The Amex FX International Payments (FXIP) business is working with Ripple to make blockchain payments commercially available, “reducing the time and cost of settlement”. Santander UK is the selected partner to initiate this new transaction channel.
Marc Gordon, EVP and CIO at American Express, says the deal “represents the next step forward on our blockchain journey, evolving the way we move money around the world”.
With the integration of Ripple into the FXIP platform, non-card payments can be routed through Ripple’s real-time payment network, known as RippleNet.
Initially, Ripple will connect Amex’s customers to Santander in the UK, providing “instant”, trackable, cross-border payments. RippleNet is helping remittances from Amex customers in the US to reach UK bank accounts “faster” through Santander.
Moreover, Ripple’s payments network has the “capability to allow American Express to connect with customers across the globe”.
As reported in February, Amex joined the Hyperledger Project, an open source project intended to advance blockchain digital technology for recording and verifying transactions.
American Express will contribute code and engineers and joins more than 100 members, including IBM and JP Morgan Chase.
