Colin O’Flaherty, who is the vice president at American Express and also the Global commercial services General Manager in both Russia and the United Kingdom, made it official on Wednesday that American Express now makes use of Ripple Inc. blockchain financial solution called xCurrent. This proclamation was made at the Money 20/20 event held in Amsterdam.
At the event, Colin stated, “Ripple offers instantaneous, point-to-point conversations between the sender and receiver of funds. And that provides a real opportunity to alleviate most of the issues our customers are facing.”
Amongst those that graced the event was the chief executive officer of Ripple Inc. Brad Garlinghouse, who addressed the audience and spoke about BTC (Bitcoin), Ripple, and the crypto markets.
He also talked about the financial breakthrough that was achieved by Ripple in recent times. The peak of it all was the fact that a lot of banks are now accepting and integrating Ripple’s technology.
Just last year November, AXP (American Express) in conjunction with Santander Bank signed an agreement to make use of Ripple’s technology to ensure quick facilitation of cross-border payments between the United States and the United Kingdom.
In line with the agreement signed, payments made through American Express FXIP (FX International Platform) went through Ripple’s EBN (Enterprise Blockchain Network). At the moment, Ripple’s xcurrent has been incorporated within the framework of American Express to ensure that payments are quickly and securely facilitated from clients to SMEs.
Ripple Inc. is widely known in the crypto community as a pioneer when it comes to the development of cross-border settlement and payment blockchain solutions. Among the popular products on Ripple Inc. are xRapid and xCurrent.
Furthermore, there was a discussion of whether American Express needed their own crypto token before they can make use of RippleNet, and Garlinghouse had this to say, “It separated a connection from the cryptocurrency or the token, what that means is that a bank or non-bank like AMEX can use Ripple to connect and just exchange value from one fiat currency to another directly, without the need for any intermediate blockchain currency.”