American Express Steps on xCurrent’s toes, Tested Ripple’s Latest Product

Ripple is getting a lot more hot these days. Reported recently, American Express or Amex employing xCurrent, one of Ripple’s products. Accordingly, the firm has already gone through the prior testing and satisfied with the positive outcome.

Amex Praises Ripple for Cross-Border Payments

Forbes earlier reported that the American Express which is the multinational financial service corporation is introducing Ripple blockchain for transferring the fund to businesses located in the UK. However, the firm has successfully completed its testing phase and unveiled Ripple’s potential for their international payments. At the Wings of Change Europe conference in Madrid, Amex’s general manager for the corporate payments, Carlos Carriedo claimed that they have partnered with Ripple and Santander, local Bank to streamline the international payment with Ripple’s technology.

In his own words,

“We did a pilot. We did a test, partnering with Santander locally, and with Ripple to just do cross-border transactions. Cross-border transactions continue to be complex and slow. And in a matter of seconds, through this test, our clients were able to transfer funds in a very transparent and seamless way, from one part of the world to the other one,”

xCurrent and Hype of Ripple’s Technology

xCurrent is a new enterprise software solution powered by Ripple to facilitate instant settlement of cross-border payments by the bank with real-time and end-to-end tracking. Despite the year-end crash in the cryptocurrency market, many firms and enthusiasts still see the potential of cryptocurrencies and their underlying technologies. In order to ensure the international payments would perform well with xCurrent’s implementation, Amex heavily invested in fintech research and development. According to Carlos Carriedo, Amex have ‘invested in a fintech lab based on blockchain technology’ which he adds

‘Just to understand how to leverage this better’

Ripple’s latest partnership and launch of various products have eventually raised the eyebrows of major market players and confidently urged founding members of Ripple to bet on its future expansion.

Furthermore, Amex’s FX International Payments (FXIP) partnership with ripple and Santander designed to provide real-time, trackable non-card payments from the US to Britain.

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American Express Steps on xCurrent’s toes, Tested Ripple’s Latest Product

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Author: Tabassum

Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com

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