Ripple Teams With American Express For US to UK Transactions

Blockchain, FinTech, News | November 16, 2017 By:

American Express has joined Ripple’s blockchain network, seeking to provide real-time, business-to-business global payments.

Initially, American Express FX International Payments (FXIP) will partner with Santander UK to create a transaction channel between the U.S. and U.K., marking the first such channel between the two nations, who are both their largest trading partners.

“We’ve already seen evidence that blockchain technology is playing a transformational role in the way customers are served,” said Greg Keeley, executive vice president of global corporate payments at American Express. “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.”

FXIP’s partnership with Santander UK to send cross-border payments between the U.S and U.K will help American Express establish a wider footprint in the U.K.

José Luis Calderón, Santander’s global head of transaction banking, said, “This blockchain solution opens up a new channel between the U.S. and the U.K. and presents a significant opportunity for payments globally.

Ripple CEO Brad Garlinghouse agreed with Calderón’s statement stating, “Ripple is taking a huge step forward with American Express and Santander in solving the problems corporate customers experience with global payments,” said Ripple CEO Brad Garlinghouse. “Transfers that used to take days will be completed in real time, allowing money to move as fast as businesses move today. It’s just the beginning, and we look forward to growing this partnership to help other American Express FXIP customers.”