American Express and Santander will use Ripple

The two companies announced one of the first major adoptions of blockchain technology by the mainstream. On Thursday, American Express and Santander said they had reached an agreement with Ripple. The result of this collaboration is a real-time traceable payment system based on Ripple’s blockchain technology (RippleNet).

This feature will be available on the FX International Payments (FXIP) platform for US corporate clients who will send funds to UK companies under Santander UK. Some customers are already using this service, say Amex and Santander, and apparently it is intended to be extended to more users. According to Marc Gordon, chief information officer of the US company, the collaboration with Ripple and Santander is but another step “on our journey to the blockchain” within a broader process of evolution “of the way we move money” . And the CEO of Ripple, Brad Garlinghouse, added in a statement: “Transfers that required days will now be completed in real time, allowing money to move at the same speed as the business.”

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