Ripple has been innovating in the crypto world since it started. Celebrities were part of the hype to show potential users the benefits of their fast cross-border payments, helping the XRP token to become one of the most essential altcoins of the entire industry. As much as they’ve done for the crypto community and various use cases, the rest of the world of finance is finally starting to take note.
Carlos Carreido, the general manager of American Express’s corporate payments, spoke at a Madrid-based conference called the Wings of Change Europe. He explained how Ripple’s performance makes it possible for them to make a big difference in payment processing globally.
“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… We did a pilot. We did a test, partnering with Santander locally, and with Ripple to just do cross-border transactions. Cross-border transactions continue to be complex and slow. 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.”
Even with the seemingly excited enthusiasm, Carriedo remained realistic about the issues that need to be corrected before mass implementation ever occurs. Ripple has lots of potential, which Carriedo elaborates on.
He said: “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 definitively digital. Digital is the way payments will continue to be across both the consumer part of the business [and] the commercial part of the business.”
Presently, American Express has already made progress towards reducing the inefficiencies in the legacy payment systems by collaborating directly with Ripple. The two most beneficial results of doing so come from the collaboration with Santander, who installed a network for cross-border payments, and their new permit approval for Chinese operations.
The innovation of fintechs, like Ripple, is becoming crucially important to American Express for their adaption to the current needs of the financial world.
In their words, the company states: “There are companies who can do the emerging technology faster and in a more inexpensive [way], and we need to partner with them.”