The Vice President of American Express Colin O’Flaherty on Wednesday confirmed that the co was officially using xCurrent, a blockchain-based financial solution from Ripple Inc. Colin O’Flaherty, who doubles as the General Manager of global commercial services UK & Russia, spoke at the last day of The Money 20/20 event held from 4th to 6th of June in Amsterdam.
“Ripple offers instantaneous, point-to-point conversations between the sender and receiver of the funds. And that provides a real opportunity to alleviate most of the issues our customers are facing,” he said at a discussion session at the event.
Among the panelists at the event was Brad Garlinghouse, CEO of Ripple. He spoke earlier at the event about the cryptocurrency markets, Bitcoin (BTC), and Ripple (XRP). He also highlighted the inroads the blockchain startup has made in the financial industry. According to him, more and more banks were continually the process of embracing Ripple’s technology.
In November of last year, the American Express alongside Santander Bank entered an agreement with Ripple to use its technology to facilitate cross-border payments between the USA and U.K. Following the arrangement, payments made via American Express’ FX International Payments (FXIP) platform were routed through Ripple’s enterprise blockchain network, RippleNet. xCurrent is integrated with American Express infrastructure which will facilitate payments from customers to SMEs.
San Francisco-based Ripple is a front-runner in the development of blockchain-based solutions for cross-border payments as well as settlements. Major products on the RippleNet are the xCurrent and xRapid. According to its CEO, the technology used by Amex, “it separated a connection from the cryptocurrency or the token.” He said; “what that means is that a bank or non-bank like AMEX can use Ripple to connect and just exchange value from one fiat currency to another directly, without the need for any intermediate blockchain currency.”