Amex sells Ripple blockchain product for high-speed transactions

The American Express Company, a financial services corporation, seems to be on the verge of rapidly expanding its blockchain. As per authentic sources, the payments company is trying to sell a Ripple powered blockchain product, taking its association with Santander Bank and Ripple Company to greater heights.

The trio continues to offer new blockchain solutions to its customers that not only helps in promoting blockchain technology, but also in securing cross-border payments at a rapid pace.

In its current job posting ad, Amex has made a reference to the collaboration as a proof of firm’s focus on growth, product innovation, and technology offerings. The ad also emphasizes on how the collaboration can effectively match end-user business requirements on the Amex brand.

This year, Amex is reportedly launching a new blockchain solution with its partners Santander & Ripple, claims the ad, which seems to have been edited out. Incidentally, Amex & Santander Bank have been utilizing the blockchain technology of Ripple Labs, Inc. for transferring money across various countries.

Last Week, Colin O’Flaherty, the vice president of American Express, had made an announcement at Money 20/20 Europe that the company is likely to utilize Ripple’s xCurrent tool for facilitating high-speed transactions with greater level of clarity.

He further added that Ripple Labs provides prompt, point-to-point interactions between both the sender as well as receiver of money during the funds transfer, helping Amex to resolve the money transfer issues faced by the consumers.

Currently, the Santander Bank is using the xCurrent system to support its OnePayFX service that helps the users close international transfer transactions on either the same day or the next day. According to GlobalCoin Report, xCurrent is Ripple’s enterprise software service that assists financial institutions in  cross-border payment activities through end-to-end tracking. Reportedly, banks can communicate with each other for confirming the payment details through xCurrent before performing the transaction.