Published: Fri, November 17, 2017
Business | By Max Garcia

American Express (AXP) Launches Blockchain Payment Platform

American Express (AXP) Launches Blockchain Payment Platform

American Express launched blockchain-enabled instant payment system. The majority of his work focuses on Bitcoin, blockchain, and financial technology.

American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. It also follows a similar move from Mastercard, which recently opened its blockchain technology via its API to developers, allowing select consumers, businesses, and banks to begin making transactions using the ledger technology.

With the integration of Ripple into the FXIP platform, non-card payments can be routed through Ripple's real-time payment network, known as RippleNet. American Express boasted that decentralised systems cut out intermediaries that could slow down global transactions, as well as offering some extra visibility into their costs and how they proceed.

Marc Gordon, executive vice president and chief information officer at American Express, said his company is constantly investing in new technologies to improve experiences for customers. American Express' move to facilitate transactions using blockchain technology will be a major validation of the technology, and a watershed moment in blockchain's history. "Not only does this partnership with Ripple help decrease the time it takes for global transactions to be processed, it can make our transactions more effective for our customers", said Greg Keeley. American Express can now connect with customers across the globe through Ripple's payments network.

On the other hand, the UK-based Santander bank accounts will be receiving these Ripple payments.

Amex told us: "We're initiating the new transaction channel with a single partner - Santander UK - specifically for payments from American Express customers in the United States to their suppliers in the UK".

The initial service will focus on payments between U.S. and U.K. businesses, with Santander U.K. managing the transaction channel.

Garlinghouse responded by saying "transfers that used to take days will be completed in real time, allowing money to move as fast as businesses move today".

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