American Express introduces Blockchain-Based Payments
Amex just unveiled a cross-board service that is assisted with blockchain technology, the first of its kind.
The credit card giant announced the plan to collaborate with Ripple, a Francisco- based company whose main focus is blockchain-based cross-border payments, earlier this month.
The service, called FX International Payments business (FXIP), enables traceable and card-less transfers between U.S. corporate customers and U.K firms whose bank accounts are held by Santander. And this isn’t just a concept – it is in use now according to Amex.
‘Transfers that used to take days will be completed in real time, allowing money to move as fast as business today,’ said Ripple CEO Brad Garlinghouse in a statement.
‘American Express has a long history of integrating new technologies,’ American Express’s chief information officer Marc Gordon continued. ‘This collaboration with Ripple and Santander represents the next step forward on our blockchain journey, evolving the way we move money around the world’.
Financial companies expect that this application of Blockchain will reduce the cost and difficulties of burdensome processes, such as security settlement and international payments.
Amex confirmed that further applications of FXIP business are being explored.