American Express, an international financial services organization provides wealth management solutions to customers. AMEX holds an enormous income of around $33 Billion and more than 50,000 employees.

Recently, Ripple shared a news insight on the conversation set between the Ripple's SVP Marcus Treacher, Joy Macknight, Deputy Editor of The Banker and Colin O’Flaherty, American Express’s VP on the final day of Money20/20 regarding the challenges faced by SME's in cross-border payments. You can find the full post here

Various Cross-Border payments issues like higher transaction charges and longer waiting times were discussed. American Express is very well aware of this problem of SMEs and is also offering this facility to the companies, understanding the seriousness of frequent smaller value payments and other requirements.

As per Ripple:

“American Express distinctly understands the issues that SMEs face with traditional banking, from cross-border payments to access to credit. The company’s “Open Forum” is a highly regarded and popular platform for resources and support to help small-to-medium businesses grow.”

In addition to this:

“Together with Ripple the companies are working to address the problems their customers face with cross-border payments. Ripple’s xCurrent provides a new blockchain based infrastructure for global payments. American Express customers are connecting to this infrastructure in a way that is designed for maximum impact and the best possible user experience.”

As per the current functioning of the AMEX, it uses Ripple's xCurrent to process a few of their payments. However, now it appears that American Express wish to expand this through Ripple's Blockchain Technology for developing new fraud prevention schemes for the Cross-Border payments.

Treacher went ahead to explain:

“The consumption of Ripple technology is not a heavy lift for SMEs. This is because we’re implementing within the existing payment networks and banking world.” With Ripple-powered blockchain helping facilitate transactions behind the scenes, American Express customers in the U.S. are already seeing quicker payments, and O’Flaherty said the business has seen a decline in customer queries about the status of payments.

On concluding the discussion,

O’Flaherty affirmed that American Express’s intention is to expand based on successes to date — to focus on making Ripple-enabled services available across new global corridors with the large transaction flows.

This means we're shortly going to witness the functioning of Ripple practically with the American Express. The outcome of this partnership will certainly be worth the wait. Probably, we can say, the era has now actually begun!!



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