American Express (AMEX) is a global financial services firm that provides its clients with banking and payment services. Overall, AMEX is valued at about $33 billion in income and an overall staff count of over 50,000 people. In the end, they’re an enormous international company. Now, some rumors suggest that American Express thinks of implementing Ripple (XRP) for cross-border payments.
Intriguingly enough, Ripple company itself has mentioned American Express and not just in a solitary tweet but also in a full news article the company posted it in the news section of Ripple’s site.
American Express clearly understands the problems that SMEs face with traditional banking, from cross-border payments to access to credit. The company’s “Open Forum” is a popular and highly respected platform of resources and support to help small and medium-sized businesses grow.
Will indeed American Express (AMEX) adopt Ripple (XRP) for cross-border payments?
The news released by Ripple mentions the problems the companies offering cross-border payments have to conquer in the nowadays financial system and how expansive and slow are the current systems that conduct international transactions.
In fact, AMEX is own of these businesses and its representatives already admitted that there is a need for faster and cheaper systems to conduct cross-border payments.
As we speak, American Express makes use of the Ripple’s xCurrent platform for just a few of its transactions but, as Ripple reported, AMEX would like to extend its anti-fraud prevention measures regarding cross-border transactions and would love to do that using the Ripple (XRP) blockchain.
With Ripple blockchain helping to facilitate behind-the-scenes transactions, American Express customers in the US are already seeing faster payments. Ripple (XRP) and American Express have also aligned themselves from a fraud perspective.
Will this signify that we might get to see Ripple (XRP) adopted by American Express for its cross-border payments? It might indeed be so, first because AMEX is looking for more secure transactions and secondly because they’re already successfully collaborating with Ripple.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.