American Express (AmEx) has unveiled a groundbreaking initiative to integrate blockchain technology into cross-border B2B payments. Through its FX International Payments (FXIP) division, AmEx collaborates with Ripple to commercialize blockchain-powered transactions, significantly reducing settlement times and costs.
Key Features of the AmEx-Ripple Partnership
- Real-Time Payment Network: Leveraging RippleNet, AmEx enables instantaneous, trackable cross-border transfers.
- Santander UK as Launch Partner: Initial transactions will route through Santander UK, with potential for global expansion.
- Enhanced Transparency: Blockchain technology provides end-to-end visibility into transaction status and fees.
How Blockchain Transforms Cross-Border Payments
Traditional international payments often involve multiple intermediaries, leading to delays and hidden costs. By integrating RippleNet into the FXIP platform, AmEx offers:
- Simplified Processes: Direct connections between financial institutions bypass intermediaries.
- Faster Settlements: Transactions complete in seconds versus days.
- Cost Efficiency: Reduced fees through streamlined workflows.
"Blockchain is transforming how we serve customers," says Greg Keeley, EVP of Global Corporate Payments at AmEx. "This partnership accelerates international transactions while improving effectiveness."
Strategic Impact and Future Expansion
José Luis Calderón, Global Head of Santander Global Transaction Banking, highlights:
"This collaboration opens a secure, frictionless payment channel between the US and UK, aligning with our ‘Simple, Personal, Fair’ philosophy."
👉 Discover how blockchain is revolutionizing finance
FAQs
Q: Which banks are involved in this initiative?
A: Santander UK is the initial partner, with plans to expand globally via RippleNet.
Q: How does RippleNet improve payment speed?
A: By using blockchain to eliminate intermediaries, transactions settle in real time.
Q: Are these payments available to all AmEx customers?
A: Initially for FXIP business clients, with potential broader rollout.
Core Keywords
- Blockchain payments
- Cross-border B2B payments
- RippleNet
- Real-time payment network
- AmEx FXIP
👉 Explore Ripple’s global payment solutions
This partnership positions AmEx at the forefront of fintech innovation, offering businesses a faster, cheaper, and more transparent way to manage international transactions. As blockchain adoption grows, expect further integrations and partnerships to emerge.
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