American Express has joined forces with Ripple and Santander UK to provide cross-border real-time payment processing, via the Ripple network, known as RippleNet.
The American Express FX International Payments (FXIP) business will work with Ripple, making blockchain payments commercially available. Santander UK will initiate the new transaction channel.
The partnership will initially enable American Express business customers to make instant payments to Santander UK bank accounts.
The integration of Ripple into the American Express FXIP platform will reduce the time and cost of settlement and simplify connections, providing immediate visibility into the process of the transaction.
Marc Gordon, executive vice president and chief information officer at American Express said: “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.”
Brad Garlinghouse, CEO, Ripple stated: “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.”