Ripple is a company which gets a lot of attention in the financial sector. Especially in Asia, things are going according to plan. However, American Express is also paying attention to this project and how things are evolving. So much even that they partnered with Santander to embrace Ripple’s blockchain. This new partnership will focus on cross-border payments over the blockchain.
It is always good to see financial players acknowledge the potential of Ripple. While not a cryptocurrency, the company’s blockchain infrastructure is pretty solid. So much event hat a few dozen banks are paying attention to this venture as we speak. The demand for blockchain-based financial solutions has never been bigger than it is today. This also creates a lot of new business opportunities waiting to be explored by different entities. Ripple checks a lot of the right boxes for most service providers, which is only normal.
American Express Keeps an eye on Ripple
American Express and Santander are two of the entities are embarking on a new mission. Their new project focuses on blockchain-based B2B cross-border payments. This is done through the FX International Payments arm. Picking a proper blockchain partner is not as easy as one might think. In fact, it is a lot more difficult given all of the competition in the market. Having more options is a good thing, but most entities have no real reputation in this space just yet.
Santander Global Transaction Banking’s Jose Luis Calderon comments:
“We are committed to creating a leading international payment eco-system meeting the needs of companies and customers worldwide. This blockchain solution opens up a new channel between the U.S. and the UK and presents 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.”
Assuming this Ripple-based solution is viable, it may usher in a new era for B2B cross-border payments. American Express can certainly drive mass adoption of this platform over the coming years. The company has paid a lot of attention to blockchain as of late. They are keeping close tabs on how things are evolving in this particular industry. American Express, Santander, and Ripple are three entities well worth keeping an eye on in this regard. It will be interesting to see how all of this plays out in the long run.
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