|Nov 18, 2018 02:36 PM||By: Jinia Shawdagor | 1744 Views|
Ripple published a new collaboration with American Express and Santander that executes a cross-border payment within the US and the UK faster and way more convenient, according to a statement by Ethereum World News.
The new major update is coming from Ripple. The group behind XRP just announced a partnership with American Express and Santander to give fast cross-border payments between US and UK.
Both organizations have been the users of Ripple’s xCurrent. Santander has been utilizing the technology to control their One Pay FX payment platform that allows retail customers in Spain, UK, Brazil, and Poland to make immediate cross-border payment, while America Express established their using of xCurrent during the Money 20/20 event in Amsterdam a couple of moons ago.
With the new partnership, however, American Express’ business customers will be responsible for paying on FX International Payments (FXIP) as RippleNet will make immediate traceable cross-border payments to UK Santander bank statements.
Quoting American Express’ Executive VP and CIO, Marc Gordon, “This collaboration with Ripple and Santander describes the next step ahead on our blockchain journey, growing the way we move money about the world.”
Brad Garlinghouse from Ripple also showed his faith with the collaboration, by stating, “We’re taking a large step forward with American Express and Santander in doing the problems corporate customers experience with global payments. Transfers that used to take days will be performed in real-time, providing money for moving as fast as a business today.”
Talking on their technology, Marcus Treacher, Ripple’s Global Head of Strategic Accounts stated, “The technology we have developed, it departed a connection from the cryptocurrency or the token. So what that suggests is that a bank or non-bank like AMEX can use Ripple to connect and exchange charge from one fiat currency to another instantly, externally the need for any public blockchain currency.”