Amex To Launch Blockchain Product Together With Ripple & Santander

Updated On Jun 12, 2018 by Cameron Bishop

Payment processing company Amercian Express is planning to launch a blockchain product in partnership with Ripple and Santander. None of the companies have made an official announcement in this regard. However, a job advertisement by the American Express company clearly reflects the joint effort put forth by the trio in creating advanced blockchain solutions for secure, transparent, and fast cross-border payments.

Both AMEX and Santander are using Ripple’s blockchain solutions for moving cross-border fund transfers. At “Money 20/20 Europe” event, American Express vice president Colin O’Flaherty had stated that the financial institution would be using Ripple’s xCurrent platform to perform cross-border transactions quickly and efficiently, with high levels of transparency.

While delivering a speech about the issues faced by small and medium sized enterprises when engaging in international fund transfers, Flaherty said “Ripple offers instantaneous, point-to-point conversations between the sender and receiver of funds. And that provides a real opportunity to alleviate most of the issues our customers are facing.”

Notably, Santander uses xCurrent for their OnePayFX service, which allows clients to complete global fund transfers in a single day. The advertisement, which carried the sentence “In 2018 we are introducing a [blockchain] solution with Ripple and Santander” have been removed for unexplained reasons.

Cameron works tirelessly behind the scenes ensuring his many US news stories are factual, informative and brought to you in a timely fashion before most other media outlets have them. He is an investigative journalist at heart who also has a fond interest in the money and business markets too.

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