RippleNet has been experiencing steady growth, having recently surpassed 100 members, and now American Express has joined the network in order to provide real-time, B2B payment services to their clients.
The first step involves American Express FX International Payments (FXIP) utilizing RippleNet for corporate transactions from the US to the UK, where FXIP will be partnering up with Santander UK.
The move, lauded by Greg Keeley, EVP of Global Corporate Payments at American Express, is expected to improve transaction processing times while maintaining the required security levels.
“We’ve already seen evidence that blockchain technology is playing a transformational role in the way customers are served. Not only does this partnership with Ripple help decrease the time it takes for international transactions to be processed, it can make our transactions more effective for our customers,” said Greg Keeley.
Ripple, which is a startup focusing on blockchain-powered cross-border payments, should not be confused with Ripples (XRP), the cryptocurrency, which is a small part of the complete eco-system.
RippleNet runs on a private blockchain which is largely controlled by major corporations and investment banks, and the project is backed by the likes of Standard Chartered Plc, Accenture Plc and SBI Holdings.
Speaking on the development, José Luis Calderón, the global head of transaction banking at Santander said:
“This blockchain solution opens up a new channel between the U.S. and the U.K. and presents a significant opportunity for payments globally. Collaborating with forward-thinking businesses has enabled us to deliver this cutting-edge, secure, friction-free payment solution and extend our ‘Simple, Personal, Fair’ philosophy to American Express and their customers.”
Brad Garlinghouse, the CEO of Ripple also acknowledged the major step and expressed the company’s plans to for expansion to include more American Express FXIP customers around the globe:
“Ripple is taking a huge step forward with American Express and Santander in solving the problems corporate customers experience with global payments. Transfers that used to take days will be completed in real time, allowing money to move as fast as businesses move today. It’s just the beginning, and we look forward to growing this partnership to help other American Express FXIP customers.”
Following the news, the Ripple cryptocurrency, XRP, is up by 15%, currently trading at $0.2433, on 4th position in terms of total market cap.