Ripple has a clear purpose. It wants to make payments cheap, fast and efficient. The technology is therefore used by various financial institutions. This makes the company’s XRP token one of the most important altcoins in the world. But XRP is one of the many components of Ripples technology.
Ripple has various techniques that are being used more and more widely. A few days ago, an important party joined in: American Express. At the Wings of Change conference in Europe, Carlos Carriedo, the general manager of business payments at American Express, told us that Ripple’s technology has the potential to drastically change the way payments are made across borders.
Blockchain technology is a good option that we are considering, Carriedo told us about the techniques that American Express is looking at. We have already invested in a fintech lab based on blockchain, so that we can better understand how to apply the technology. We organized a pilot and tested the project locally with Santander and Ripple. We know that cross-border payments are often slow and quite complex. However, during the test, our customers were able to make the transfers seamlessly and transparently.
Although according to Carriedo Ripple will probably have a big impact, the change will not come at once, but it will take some time. There is a lot of work to be done before we can apply blockchain technology. But I do know it’s promising. It has long been clear that the future will be digital. That is going to affect every aspect of life, including the way payments are made. Consumers and business owners will benefit from this change.
That’s why American Express is working with Ripple to try and shape that change. This is in line with American Express’ broader plans: these are companies that can make the adoption of emerging technologies faster and cheaper. That’s what we have to work with.This news article was automatically translated from Dutch to give Techzine.eu a head start. All news articles after September 1, 2019 are written in native English and NOT translated. All our background stories are written in native English as well. For more information read our launch article.