Breaking: American Express Partners With Ripple For Blockchain Payments!
Today has been a very exciting day for RIPPLE - a very exciting day for cryptocurrencies in general.
As we are slowly making our way towards mass adoption, more and more companies are realizing the enormous benefits of blockchain technology, and are finally implementing them into their own businesses.
American Express has just announced that they will be cooperating with Ripple to implement Blockchain payments!
A finance giant like Amex cooperating with a cryptocurrency company marks a huge milestone in the adoption of blockchain technology.
Amex and Blockchain Services
American Express will be cooperating with Ripple to implement real-time payment systems.
A press release from Ripple states:
American Express is joining Ripple’s blockchain network to provide real-time, business-to-business global payments that will ultimately enhance their customers’ experience.
At first, American Express will team up with Santander UK to enable immediate payments between the U.S. and the U.K..
The U.K. is in need for a commercial global payment infrastructure - and this partnership could satisfy that.
The U.S. and the U.K. are each others largest trading partners in the field of global payments, which is what makes this cooperation especially important and efficient.
Benefits of Blockchain for Amex
Customers of FXIP will experience a vast improvement when sending money globally, transactions can be completed within fractions of a second.
Due to the cooperation with Ripple, all transactions will be immediately visible on the Blockchain.
Apart from transaction speed, the blockchain-based payment system also provides very high levels of security, which American Express holds as their standard.
Greg Keeley, executive vice president of global corporate payments at American Express, has stated that:
“We’ve already seen evidence that blockchain technology is playing a transformational role in the way customers are served. Not only does this partnership with Ripple help decrease the time it takes for international transactions to be processed, it can make our transactions more effective for our customers."
RippleNet
American Express is joining RippleNet, a "decentralized global network of banks and payment providers using Ripple’s distributed financial technology".
RippleNet is already supported by large businesses like Credit Agricole, Airwallex, Cuallix, and more.
Key benefits of RippleNet:
- New Revenue Opportunities
- Lower Total Costs
- Standardization
- Streamlined Legal Framework
Why Join RippleNet?
All of today’s pain points from the current global payments system – delays, limited transparency and high costs – stem from the lack of a single, global network.
RippleNet solves these pain points with a decentralized network of independent banks and payment providers – that connect through Ripple’s technology and standardized ruleset to send realtime, traceable payments around the world.
Ripple Price Development
After the announcement emerged today (November 16), the Ripple price has spiked to a price of $0.27 before dropping back down to $0.22.
Obviously, these are huge news for Ripple so it's no surprise to see that interest in the cryptocurrency increased!
What do you think about these news and how will it affect the Ripple price in the future?
Take a look at the charts from November 15 - November 16:
© Sirwinchester
Ripple has been sitting around 20 cents so it isa good thing it is moving up. But there is a lot of ripple as well that could hit the marketcap is case the price jumps too high.
Even Bernanke was praising Ripple recently, which is precisely why I'm staying away from this coin. It's a centrally controlled payment network and bankers love this kind of a system!
For someone who isn't well versed in other cryptocurrencies, why would AMEX choose ripple? (Genuinely looking for an answer, not trolling)
From What I understand Ripple enables transactions ONLY for banks. So the ripple system is a good choice for Amex to move funds around the world.
Ah ok that makes a lot of sense then.
thank you for a very good article :)
Big day for ripple. Hope for more to come and a big boost in ripple prices.
Exactly! This is a huge step for Ripple and for Crypto in general
Wow that is great news, especially for me since I bought some xrp 2 weeks ago!😎
Big news
Yes! It's a big day!
Nice to read ,thank you for info @sirwinchester
Re-steemed and upvote
Thanks for this information
Great news for Ripple and the whole crypto world. I think news like this will start to come out every week! Many banks are experimenting with blockchain technology, and ripple specifically. Excited for what the future has to hold, thanks for sharing!
Exactly, we are on the way to mass adoption and news like this will become more regular hopefully!