Vice President of American Express, Colin O’Flaherty, speaking on the last day of Money 20/20 event in Amsterdam, confirmed that the financial services firm was using Ripple’s xCurrent solution. In November 2018, it was announced that American Express would use Ripple’s technology for cross-border payments.
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, O’Flaherty said
American Express is working closely with Ripple (XRP) to expand its reach, focusing on China and the US-British market. In the case of the former, in a joint venture with LianLian, Amex has been approved as a card payments processor, which gives it access to the lucrative Chinese e-commerce market. LianLian is a part of the RippleNet and uses its blockchain to settle e-commerce payments, and xCurrent to facilitate cross-border payments. American Express joined RippleNet in 2017.
We're excited to announce @ AmericanExpress joined RippleNet! Instant payments are now live between the US – UK!https://t.co/nPSjUTmqUy
— Ripple (@Ripple) November 16, 2017
Ripple CEO Brad Garlinghouse also attended the event and, as was the case at the Swiss National Bank Conference, spoke of the way that Ripple was increasingly being seen as a solution for cross-border payments. The CEO emphasized the growth of RippleNet and how the company’s makes transfers cheaper and faster.