A new deal has been signed with American Express and Santander by Ripple to make payments faster between the US and the UK, making the cross-border payments much easier at a quicker pace.
The organisations with which the deal has been signed are already using Ripple’s xCurrent. Santander is using the technology to run their One Pay FX platform, which enables its retail customers in specific parts of Europe to make immediate cross-border payment. American Express confirmed their usage of xCurrent during a conference in Amsterdam in the recent past. Recently SWIFT payments released a statement put an end to the floating rumours.
The new partnership will give access to American Express customers, to pay on FX International Payments (FXIP) which will be a traceable cross-border payment to UK Santander bank. Marc Gordon, Executive VP and CIO of American express stated that this partnership with ripple and Santander is an indication of development in Blockchain technology, an evolution in the way of moving money.
Marcus Treacher, Ripple’s Global Head of Strategic Accounts stated that the technology that is being developed broke the link from Cryptocurrency or token. So either a bank or a no bank, like AMEX can easily use Ripple to connect and exchange value from one fiat currency to another without any need for Blockchain intermediately currency.
Brad Garlinghouse, CEO Ripple said,
” this is a huge step moving forward with American Express and Santander to solve payment problems for global customers. Transfers that require a lot of time, sometimes a complete day, will now be made in the instant, a quick way to move money.“