Ripple’s Tech Gets Thumbs Up From American Express For Its Efficiency In Processing Cross-border Transactions 

Ripple has always made its goal known to the public – making payments cheap, fast and efficient. So, far, Ripple’s technology has been adopted by many financial institutions. It is the diligent effort of the company that has helped establish the XRP token as one of the most important altcoins in the world. However, the XRP is just one part of Ripple’s technology. The company still has other protocols that are applicable in fintech. It is no wonder many big players in the industry have been giving the company thumbs up for its excellent tech. The most recent applause was from American Express.

American Express Showers Praises At Ripple

A few days ago, during the Wings of Change conference in Europe, Carlos Carriedo, American Express’ general manager of corporate payments said that Ripple’s technology has the potential to dramatically change the way cross-border payments work. In his words:

“Blockchain technology is a good option that we are considering. Just so you will understand, we have already invested in a blockchain-based fintech lab so that we can understand how to leverage the technology better. We hosted a pilot and tested the project locally with Santander and Ripple. Already, we know that traditional cross-border payments are typically slow and complex. However, during the test, our clients were able to make transparent, cross-border transfers seamlessly.

What The Future Holds

Even if Carriedo acknowledges that Ripple’s technology is going to have a strong impact in fintech, he also said that the change isn’t going to be overnight. According to him, there are still many aspects that need to be addressed before massive implementation will be possible. In his words:

“There is still more to come. Many things need to be put in place with blockchain technology but I know that it is promising. It’s already obvious that the future is going to be digital. This will affect every accept of life including how payments are made. Consumers and business owners will benefit from this change.”

Already, American Express is in a mutually beneficial relationship with Ripple. The main goal of this partnership is to reduce inefficiencies and friction that plague the traditional payment systems. On one hand, they collaborated with Santander to install a payment processing system for cross-border transactions. On the other hand, they got a permit to start operating in China.

Entering into partnerships with companies like Ripple that offer innovation is going to go a long way in keeping American Express ahead of its competitors. Carriedo concluded:

“These are companies that can make the adoption of the emerging technology faster and cheaper. We need to partner with them.”

XRP (XRP) Price Analysis

At the time of writing, XRP was trading at $0.306837. This shows that it is up by 0.37% against the USD and down by 1.26% against BTC. The trading volume over a 24 hour period is $405,944,768 and the market capitalization is $12,557,893,565. Yesterday, there was a minor spike that made most of the top cryptocurrencies trade in green. However, the upward movement is gradually reversing. Before the end of today, the cryptocurrencies will most likely trade red against the USD.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.