Ripple provides one friction-less 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. This may not sound like a huge figure… but they are all large financial institutions.
Ripple are making waves:
The team over at Ripple made a recent announcement; stating that American Express FX International Payments will partner with Santander to provide real-time payment processing, instantly connecting U.S. customers to the UK, through the Ripple network.
This is a big move for all involved, specifically for the Ripple network and cryptocurrencies in general, it provides more value to the network to be partnering with these long time established players.
American Express will be introducing blockchain to enable business–to–business cross-border payments. This allows American express to improve their efficiency and provide a better customer experience for their business clients. This development provides them the ability to reduce the time and cost of settlement while ensuring that the high standards of security offered by American Express are maintained.
Santander will work to drive this project forward, supplying their bank accounts and allowing Ripple based transactions. If everything goes well with this initial introduction then Amex will seek to scale the partnership further.
Santander for their part stated :
“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.”
This is nothing short of a big coup for Ripple as they are able to gain the trust of the big banks and are able to sell to them. As they are able to build more relationships with the current established institutions, they have the ability to bring them to the present and pocket a whole lot of fiat change on the way.
A Ripple representative stated in a comment to CNBC that they are taking a huge step forward with American Express and Santander, by solving the problems corporate customers experience with global payments. 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.
The first incarnation of the solution will not actually use Ripple’s XRP token to transfer value, but rather simply leverage its Blockchain. XRP “will come into play later on in the evolutionary dynamics and the other players.”
following the secret meeting with the central bankers XRP saw momentary jump when the news was announced and later corrected to $0.235.
The CEO of Ripple stated:
“The Summit provided an opportunity to explore the full payments landscape: central banks’ domestic trials, Ripple’s growing cross-border network and interoperability across systems.”
“Together, these form the beginning of an Internet of Value, where payments move as easily as the data across the internet.” (Source: “Ripple Hosts World’s Central Banks to Explore Next Generation of Payments,” Ripple, November 13, 2017.)
“These blockchain conversations have been happening in isolation. The value of the Central Bank Summit was in exploring and connecting these efforts, as together they create the next generation of payments.”