AmEx introduces DLT cross-border payments
Written by Chris Lemmon
American Express has announced the introduction of blockchain-enabled, business-to-business cross-border payments.
American Express’ FX International Payments (FXIP) business is working with Ripple, provider of enterprise global blockchain solutions, to make blockchain payments commercially available, reducing the time and cost of settlement, while maintaining the level of security that American Express customers know and expect. Santander UK is the selected partner to initiate this new transaction channel, which has the potential to expand substantially over time.
Initially, Ripple will connect American Express’ customers to Santander in the UK, providing instant, trackable, cross-border payments. A first for the corridor, RippleNet is helping remittances from American Express customers in the U.S. to reach UK bank accounts faster than ever before through Santander. Moreover, Ripple’s payments network has the capability to allow American Express to connect with customers across the globe.
Marc Gordon, executive vice president and chief information officer at American Express, commented: “American Express has a long history of integrating new technologies into innovative products and services that differentiate and enhance the customer experience. This collaboration with Ripple and Santander represents the next step forward on our blockchain journey, evolving the way we move money around the world.
Greg Keeley, executive vice president of global corporate payments at American Express, added: “We’ve already seen evidence that blockchain technology is playing a transformational role in the way customers are served. Not only does this partnership with Ripple help decrease the time it takes for international transactions to be processed, it can make our transactions more effective for our customers.”
Brad Garlinghouse, CEO of Ripple, added: “We’re taking a huge step forward with American Express and Santander in solving the problems corporate customers experience with global payments. 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.”