American Express uses the Ripple blockchain to make instant transfers between the UK and the US American Express has announced the opening of a payment corridor between the UK and the US using the RippleNet blockchain, which allows transactions in 9 seconds. The Spanish bank Santander is also involved in the project. CoinDesk writes about it.

American Express uses the Ripple blockchain to make instant transfers between the UK and the US

American financial company American Express announced the opening of a payment corridor between the UK and the USA using the RippleNet blockchain, which allows transactions in 9 seconds. The Spanish bank Santander is also involved in the project. About writes CoinDesk.

Ripple's head of strategic development, Markus Treacher, drew attention to the fact that the system allows not only to carry out transactions at higher speeds than in traditional systems, processing money transfer which usually takes 2 to 5 working days, but also has a higher degree of reliability.

“Previously, American Express was forced to send messages to banks to request payments through Swift. Now American Express is directly connected to banks using Ripple and Ripple crypto, which enables instant transfer of value, ”he said.

Money transfers are made through our own international payment platform in foreign currencies American Express, which connects American customer accounts in US dollars and UK clients in British pounds via the RippleNet blockchain.

Previously, Ripple's solutions were used to create a similar system connecting users in Europe and the United States through the Swedish bank SEB. The channel was opened in the second quarter of this year, and according to Treacher, $ 630 million have already been transferred through it..

It should be noted that Swift is not going to lose its position in the market and is developing its own payment solution using the Hyperledger blockchain. However, Treacher argues that Ripple has an important competitive advantage in the form of its own XRP token, which has been traded in the market for a long time and solves the liquidity problem in such systems..

Photo: First Class Photography

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