AMEX Ripple Tests Successful

With a wave of support for the adoption of blockchain technology, the general manager of Corporate Payments at American Express, Carlos Carriedo, has suggested that its pilot tests of real-time cross-border institutional payments using Ripple technology have been successful. Earlier in the week, Carriedo spoke at the Wings of Change Europe event and made it clear the American Express has got a strong interest in the technology behind blockchain. The general manager said:

“Blockchain is absolutely an option we’re looking at. Just to give you a sense, we have invested in a FinTech lab based on blockchain technology, just to understand how to leverage this better.”

Carriedo went on to point out Ripple specifically which is working with American Express and Santander in order to test a blockchain powered, cross-border payments solution.

According to Pymnts, he went on to add:

“We did a test, partnering with Santander locally, and with Ripple to just do cross-border transactions. 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.”

In 2017, American Express teamed up with the blockchain network RippleNet to provide real-time B2B. The collaboration sees American Express FX global payments joining up with Santander UK in order to design a mechanism to transfer corporate funds between the United States and the UK in the real time.

“There is more to come. There’s still a lot of things that need to get addressed with blockchain as a technology. But it’s very promising. … The future is definitely digital. Digital is the way payments will continue to be across both the consumer part of the business and the commercial part of the business.”

As the same conference, Carriedo gave praise to Ripple saying that they are doing a great job in enhancing the global payment processing system through the native token of the platform, XRP as well as other financial tools. In addition to this, he added that Ripple has a lot of potential and that the future of payment processing will be something that is done completely digitally. You can read more on the what else Carriedo said here:

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