American Express Praises Ripple for Cross-Border Payments, Calls Blockchain Technology is ‘Very Promising’

American Express (Amex), the multinational financial services corporation known amongst the crypto community for their increasing interest in blockchain technology, is at it again with positive comments on blockchain technology and praising Ripple.

During the Wings of Change Europe conference, Carlos Carriedo, the American Express’s general manager of corporate payments indicated Ripple has the potential to improve cross-border transactions around the world.

Regarding the above statement, Carriedo also said this was one reason Amex is so interested in blockchain technology and adamant about its potential integration:

Blockchain is absolutely an option we’re looking at. Just to give you a sense, we have invested in a fintech lab based on blockchain technology, just to understand how to leverage this better.

He then explained the spread of Ripple’s network by working with American Express and Santander to test cross-border transactions.

We did a test, partnering with Santander locally, and with Ripple to just do cross-border transactions…And in a matter of seconds, through this test, our clients were able to transfer funds in a very transparent and seamless way, from one part of the world to the other one.

Ripple is Establishing a Global Profile

Upon reading the comments above, it’s clear that Ripple is establishing its global profile by working closely with large financial entities such as American Express, Santander and others.

For instance, Ripple recently broke into the Chinese market through the Joint Venture between AmEx And LianLian Group. Ripple has demonstrated the superiority of blockchain technology for cross-border payments over traditional systems and both American Express and Santander have recognized this.

There are reports the head of innovation at Santander UK, Ed Metzger, has stated that they want to change cross-border payments by establishing a strong alliance between Ripple and themselves.

Therefore, it’s plain that large financial entities are seeing the power of blockchain technology and Ripple’s cross-border payment system, RippleNet.

Despite the positive developments, Carriedo acknowledged the need to address some aspects about blockchain technology before Amex considers a massive implementation. However, he doesn’t need convincing that Ripple technology is revolutionary.

There is more to come. There’s still a lot of things that need to get addressed with blockchain as a technology. But it’s very promising…The future is definitely digital. Digital is the way payments will continue to be across both the consumer part of the business the commercial part of the business.

When do you think large financial entities will use XRP for cross-border payments? Or will they use Ripple’s technology without XRP? Let us know what you think in the comment section below.