Ripple, a digital currency that uses blockchain technology for its payments solution, has gained traction in the financial services through its continuous introduction of new platforms. The most notable service offered by Ripple is the facilitation of cross-border transactions between banks and other financial institutions. The latest subscriber to Ripple’s services is American Express (AXP).
As noted earlier, Ripple provides an array of services to the financial sector, including real-time currency exchange, financial currency tracking, remittance, and gross settlement. However, its ability to perform instantaneous transfer of funds from one institution to another at affordable fees is perhaps the most outstanding feature of the entire Ripple project.
How American Express Will Benefit From Ripple
Recently, the Vice President of American Express, Colin O’Flaherty, revealed that the company is teaming up with Ripple. Specifically, AXP would use Ripple’s decentralized payment solution, called xCurrent. Colin broke the news during the Money 20/20 financial convention held in Amsterdam. O’Flaherty also serves as the general manager for AXP in both the UK and Russia.
Last week, AXP affirmed the partnership, with Colin saying that the company would solve client issues by leveraging Ripple’s peer-to-peer payment solution that supports instant transactions. During this speech, Brad Garlinghouse, the CEO of Ripple, was present. In addition to American Express, another notable financial institution that uses Ripple’s payment solutions is the Spain-based Banco Santander.
At the aforementioned conference, the CEO of Ripple spoke virtual currencies such as Bitcoin and ripple, as well as the Ripplenet blockchain ecosystem. Garlinghouse stated that AXP does not need their own digital currency tokens to use the Ripplenet blockchain platform. to this end, Brad said that the platform is segregated from the crypto token, meaning that AXP can use Ripple to exchange value from one currency to another without the need for any cryptocurrency.