American Express Satisfied with Testing: Ripple’s xCurrent to Officially Process Payments for AMEX
Back in mid-November 2017, American Express entered Ripple’s network of supporters, Ripple Net, alongside with Santander bank, when the two major names from the financial industry started with testing xCurrent.
xCurrent is popularly used by Ripple’s partners as this remittance system doesn’t require cryptocurrency as a medium between two parties, while the bank is able to host global payments in any monetary value in a centralized blockchain-based system operated by the bank.
After testing Ripple’s most popular cross-border service for over a year, American Express finally confirmed that their clients will now be able to send global payments faster and at lower rates as AMEX is officially using Ripple-powered xCurrent system.
American Express Now Transacting Globally with Ripple’s xCurrent
Even though American Express and Ripple partnership is nothing new, the relation between the two has come to a positive closure as Colin O’Flaherty, the VP of American Express confirmed that the well-known payment processing giant will provide global payment services through Ripple’s xCurrent.
Both O’Flaherty and Brad Garlinghouse spoke about the partnership and the utilization of xCurrent for establishing fast and cheap remittance payments on the last day of an event organized by Money 20/20.
However, Carlos Carriedo, the general manager of corporate payments at American Express, spoke earlier on the Ripple partnership at the Wings of Change conference held in Madrid back at the end of the first week of December.
As Carriedo claims, with xCurrent, AMEX clients will be able to send global payments in a seamless and a very transparent way, while cross-border payments, in general, remain too complex outside blockchain technology.
The product had been previously tested locally between American Express and Santander, also testing cross-border payments with Ripple network.
Carriedo also added at the conference that blockchain is “absolutely” the option American Express is looking at.
American Express Embraces Blockchain
Earlier in 2018, it was reported that American Express filed a patent for listing a blockchain-based proof-of-payment system.
The system is set to become a part of AMEX’s Travel Related Services where clients should be able to receive a merchant identifier with payment confirmation and transaction amount, all process through a blockchain-based ecosystem.
The patent was filed during mid-July 2018 even before announcing their partnership with Ripple Network even though there were already discussing xCurrent testing, describing their proof-of-payment system as a payment processing entity that provides a tamper-proof measure for confirming ownership through blockchain ecosystem.
In the meanwhile, as the network of Ripple’s supporters is growing, Brad Garlinghouse is confident that more major banks and financial institutions will be joining Ripple.
However, as more banks are announcing the official implementation of xCurrent system for cross-border transactions, xRapid as the only Ripple’s product using XRP still remains underappreciated by RippleNet partners.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]