American Express has partnered with Ripple, a fintech startup, to provide real-time, trackable non-card payments between the US and the UK16. The partnership allows payments made by American Express’ business customers on its FX International Payments (FXIP) platform to be routed through Ripple’s enterprise blockchain network, RippleNet15. The blockchain project initially allows customers in the US to make instant, traceable cross-border payments with UK Santander bank accounts15. Ripple’s cryptocurrency, XRP, will “come into play” as a means of speeding up payments later on down the line1. According to Ripple, the integration routes non-card payments through the shared payment network for nearly instant, auditable cross-border payments5. The partnership between American Express and Ripple represents the next step forward on the blockchain journey, evolving the way money is moved around the world6.
American Express’ partnership with Ripple benefits customers in several ways:
- Faster payments: The partnership enables American Express’ business customers to make instant, traceable cross-border payments with UK Santander bank accounts16. This means that customers can send and receive payments faster than traditional methods.
- Real-time tracking: The payments made through Ripple’s enterprise blockchain network are trackable in real-time16. This provides customers with greater transparency and visibility into the status of their payments.
- Lower costs: Ripple’s technology allows for lower transaction costs compared to traditional methods4. This means that customers can save money on fees associated with cross-border payments.
- Improved security: The use of blockchain technology provides customers with greater security and protection against fraud3. The distributed ledger system used by Ripple ensures that transactions are secure and tamper-proof.
Other companies that have partnered with Ripple for blockchain-based payments
Some other companies that have partnered with Ripple for blockchain-based payments:
- Santander: Santander, a global banking group, has also partnered with Ripple for cross-border payments6. They are working with Ripple to speed up payments between the US and the UK using blockchain technology6.
- Banco de la República (Colombia’s Central Bank): Colombia’s central bank has partnered with Ripple to explore the use of blockchain technology3. They will be piloting Ripple’s Central Bank Digital Currency (CBDC) platform to improve their high-value payments system3.
These are just a few examples of companies that have partnered with Ripple for blockchain-based payments. Ripple has a wide network of partnerships with over 120 institutions, including banks and financial institutions around the world.