American Express has launched a blockchain-enabled payment method for United States businesses sending money to select United Kingdom businesses. Blockchain technology first came to use as a secure way to move financial assets like Bitcoin, because the chain provides a record that can not can not be altered after the fact.
The integration of Ripple into the FXIP platform will enable non-card payments to be routed through Ripple's real-time payment network, RippleNet.
This block chain-enabled new mode of payments not only enhances the scope of worldwide transactions but also makes it easier through simplification of connections across the intermediaries.
"American Express has a long history of integrating new technologies into innovative products and services that differentiate and enhance the customer experience", he said.
This marks one of the first times a major payments processor such as AmEx is announcing that it will use blockchain technology to conduct transactions for its customers.
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Ripple, which is a startup focusing on blockchain-powered cross-border payments, should not be confused with Ripples (XRP), the cryptocurrency, which is a small part of the complete eco-system. Santander UK is the selected partner to initiate this exciting new transaction channel, which has the potential to expand substantially over time.
José Luis Calderón, global head of Santander Global Transaction Banking, said in a statement: "Collaborating with forward-thinking businesses has enabled us to deliver this cutting-edge, secure, friction-free payment solution and extend our Simple, Personal, Fair philosophy to American Express and their customers".
American Express' blockchain project will initially allow customers in the U.S.to connect instant, traceable cross-border non-card payments to U.K. Santander bank accounts. American Express can now connect with customers across the globe through Ripple's payments network. "It is just the beginning", CEO of Ripple Brad Garlinghouse said.
Amex told us: "We're initiating the new transaction channel with a single partner - Santander UK - specifically for payments from American Express customers in the U.S. to their suppliers in the UK".