June 08, 2018By Nathan Bentley
“American Express distinctly understands the issues that SMEs face with traditional banking, from cross-border payments to access to credit. The company’s “Open Forum” is a highly regarded and popular platform for resources and support to help small-to-medium businesses grow.”Moreover:
“Together with Ripple the companies are working to address the problems their customers face with cross-border payments. Ripple’s xCurrent provides a new blockchain based infrastructure for global payments. American Express customers are connecting to this infrastructure in a way that is designed for maximum impact and the best possible user experience.”As it stands, American Express are currently using Ripple’s xCurrent to process some payments, now it seems that American Express wish to expand on this and wish to develop new fraud prevention services as a part of their cross-border payment solution, on the Ripple blockchain.
“With Ripple-powered blockchain helping facilitate transactions behind the scenes, American Express customers in the U.S. are already seeing quicker payments. Ripple and American Express have also aligned from a fraud perspective — risk, user experience and customer service. This has allowed for a “holistic experience” that’s ultimately benefited the customer.”Ready for the most exciting part of all of this- “American Express’s intention is to expand based on successes to date — to focus on making Ripple-enabled services available across new global corridors with the large transaction flows.” Does this mean, we could see Ripple’s XRP added into the AMEX portfolio. Of course, it would have great bearing on the AMEX plan to develop a fraud proof solution and most importantly, it would help AMEX achieve the task of creating a service that works worldwide, with large transaction flows. This is entirely based on speculation, but for the first time in a long time we can see a true use for Ripple XRP, as a part of an already working project, alongside an established, well versed financial service provider. If nothing else, this has got to make you wonder.