The Bank Santander and American Express use Ripple for cross-border payments


American Express and Bank Santander said about using Ripple for faster realization of payments between the US and the UK.

The partnership with Ripple will allow American Express to the representatives of Grupo Santander to provide high-speed cross-border payments between the two countries.

Both companies already were users XCurrent from Ripple. Santander uses this technology for its payments platform Pay One FX, which allows retail clients from Spain, Poland, the UK and Brazil instantly receive cross-border payments, and America Express used xCurrent during the Amsterdam event, Money 2020, a few months ago.

Together with the new partnership business American Express customers will be able to pay FX International Payments (FXIP), as RippleNet will carry out instant transfers cross-border payments to Bank accounts in Santander.

The benefits of the new cooperation

Mark Gordon, head of American Express, noted that cooperation with the Ripple and Grupo Santander allowed us to take a step forward in the adoption of block technology, developing the ability to move funds in all corners of the world.

Brad Garlinghouse, head of the Ripple also expressed his optimism about the collaboration, saying: “We made a huge step forward in this partnership to address issues of corporate clients with international payments. Translations that used to take several days now can be accomplished instantaneously, which allows the speed of transfer of money to match today’s speed of business development”.

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Tags: American Express Ripple Santander


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