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American Express wants to expand the use of Ripple’s block chain technology

4fa0b69cbd39c861a3baa65d6ef2b9b2 - American Express wants to expand the use of Ripple's block chain technology

Ripple provides with xCurrent and xRapid software solutions for companies in order to process cross-border payments simply, quickly and cost-effectively. On the last day of the Money 20/20 Europe conference, O’flaherty stated that American Express will extend the use of Ripple’s block chain technology due to the previous success.

Normal transactions, the run on banks and a variety of Intermediaries, according to a recent McKinsey study ineffective because 60% of the cross-border payments between companies requires a manual Intervention, for 20 minutes or longer. This is a small company that can’t muster the personnel resources, especially in front of a big challenge.

Colin O’flaherty, VP of American Express & General Manager, global commercial services, UK & Russia on Europe’s largest Fintech fair, according to a survey, 71% of small and medium-sized enterprises are of the view that cross-border payments for the payment processing is ready.

He also describes that the use of Ripple’s block chain technology xCurrent solves most of the problems of its customers (freely translated):

Ripple provides instant Point-to-Point Conversions between the sender and receiver of funds. And the offers a real opportunity to solve most of the problems of our customers.

Ripple is committed to an “Open Forum” by American Express, an innovative platform for small and medium-sized enterprises, in order to improve existing problems in the company’s infrastructure and to optimize. This Ripple and American Express focus, however, not only the processing of payments, but pursue a holistic approach.

However, it was in the interview, the Money 20/20 conference, in particular, on the optimization and improvement of cross-border payments. Marcus Treacher, Vice President for customer success at Ripple, the technology of Ripple does not cause any major difficulties in the implementation, since the technologies of Ripple to be implemented within the TRANS-action cycle (freely translated):

The use of the Ripple technology is not a major obstacle for SMEs. This is because that we implement within the existing payment networks and the banking world.

At the end of the very interesting discussion O’flaherty confirmed that American Express intends, on the basis of the previous success, to further expand and focus on the use of Ripple’s block chain technology in order to optimize the new “global corridors of the largest TRANS-action flows”.

However, he added that the world is only at the beginning of the development in this area (freely translated):

We are still at the beginning and learn a lot. And Blockchain offers a great opportunity to solve real customer needs.

The price of Ripple is available at the time of writing at € 0.56 per XRP and recorded within the last 24 hours with a price decrease of -1,96%. With a market capitalization of just under 22 billion Ripple occupies the third place of the largest crypto currencies in the world.

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