American Express® FX International Payments
partners with Santander to provide real-time payment processing,
instantly connecting U.S. customers to the UK, via the Ripple
network
American Express (NYSE: AXP) today announced the introduction of
blockchain-enabled, business-to-business cross-border payments. The
American Express® FX International Payments (FXIP) business is
working with Ripple, provider of enterprise global blockchain
solutions, to make blockchain payments commercially available,
reducing the time and cost of settlement, while maintaining the
level of security that American Express customers know and expect.
Santander UK is the selected partner to initiate this exciting new
transaction channel, which has the potential to expand
substantially over time.
“American Express has a long history of integrating new
technologies into innovative products and services that
differentiate and enhance the customer experience,” said Marc
Gordon, Executive Vice President and Chief Information Officer at
American Express. “This collaboration with Ripple and Santander
represents the next step forward on our blockchain journey,
evolving the way we move money around the world.”
With the integration of Ripple into the American Express FXIP
platform, non-card payments can be routed through Ripple’s
real-time payment network, known as RippleNet. Compared with
traditional payment processes, blockchain-enabled payments improve
international transactions by simplifying connections with
intermediaries and providing immediate end-to-end visibility into
the transaction status and cost.
“We’ve already seen evidence that blockchain technology is
playing a transformational role in the way customers are served,”
said Greg Keeley, Executive Vice President of Global Corporate
Payments at American Express. “Not only does this partnership with
Ripple help decrease the time it takes for international
transactions to be processed, it can make our transactions
more effective for our customers.”
José Luis Calderón, Global Head of Santander Global Transaction
Banking, said, “We are committed to creating a leading
international payment eco-system meeting the needs of companies and
customers worldwide. This blockchain solution opens up a new
channel between the U.S. and the UK and presents significant
opportunity for payments globally. Collaborating with
forward-thinking businesses has enabled us to deliver this
cutting-edge, secure, friction-free payment solution and extend our
Simple, Personal, Fair philosophy to American Express and their
customers.”
Initially, Ripple will connect American Express’ customers to
Santander in the UK, providing instant, trackable, cross-border
payments. RippleNet is helping remittances from American Express
customers in the U.S. to reach UK bank accounts faster than ever
before through Santander. Moreover, Ripple’s payments network has
the capability to allow American Express to connect with customers
across the globe.
“We're taking a huge step forward with American Express and
Santander in solving the problems corporate customers experience
with global payments,” said Brad Garlinghouse, CEO of Ripple.
“Transfers that used to take days will be completed in real-time,
allowing money to move as fast as business today. It is just the
beginning, and we look forward to growing this partnership to help
other American Express FXIP customers.”
About American Express
American Express is a global services company, providing
customers with access to products, insights and experiences that
enrich lives and build business success. Learn more
at americanexpress.com and connect with us on
facebook.com/americanexpress, instagram.com/americanexpress,
linkedin.com/company/american-express, twitter.com/americanexpress,
and youtube.com/americanexpress.
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About Santander
Santander UK is a financial services provider in the UK that
offers a wide range of personal and commercial financial products
and services. It has brought real competition to the UK, through
its innovative products for retail customers and relationship
banking model for UK SMEs. At 30 June 2017, the bank serves around
14 million active customers with c19,500 employees and operates
through 826 branches (which includes 61 university branches) and 65
regional Corporate Business Centres. Santander UK is subject to the
full supervision of the Financial Conduct Authority (FCA) and the
Prudential Regulation Authority (PRA) in the UK. Santander UK plc
customers are protected by the Financial Services Compensation
Scheme (FSCS) in the UK. All accounts opened with Santander UK plc,
Isle of Man Branch have sites in the Isle of Man and therefore are
covered by the Isle of Man Depositors’ Compensation Scheme as set
out in the Isle of Man Depositors’ Compensation Scheme Regulations
2010 and not covered by the UK Financial Services Compensation
Scheme.
Banco Santander is a leading retail and commercial bank, founded
in 1857 and headquartered in Spain. It has a meaningful market
share in 10 core countries in Europe and the Americas, and is among
the world’s top banks by market capitalization. At the end of June
2017, Banco Santander had EUR 1.65 trillion in managed funds, 131
million customers, 13,800 branches and 200,000 employees. Banco
Santander made attributable profit of EUR 3.6 billion in the first
half of 2017, an increase of 24% compared to the same period last
year.
About Ripple
Ripple provides one frictionless experience to send money
globally using the power of blockchain. By joining Ripple’s
growing, global network, financial institutions can process their
customers’ payments anywhere in the world instantly, reliably and
cost-effectively. Banks and payment providers can use the digital
asset XRP to further reduce their costs and access new markets.
With offices in San Francisco, New York, London, Sydney,
Luxembourg, Singapore and Mumbai, Ripple has more than 100
customers around the world.
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version on businesswire.com: http://www.businesswire.com/news/home/20171116005091/en/
Gerilyn Cammaroto212.640.1550gerilyn.cammaroto@aexp.comorAiessa
Moyna212.640.2020aiessa.m.moyna@aexp.com
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