Wednesday American Express Vice President Colin O & # 39; Flaherty confirmed that the company officially used xCurrent, a blockchain-based financial solution from Ripple Inc. O & # 39; Flaherty, which also serves as general manager of global business services UK and Russia, spoke on the last day of The Money 20/20 event held June 4 to 6 in Amsterdam.
"Ripple offers instantaneous point-to-point conversations between the sender and the recipient of funds, and this offers a real opportunity to alleviate most of the problems our customers are facing," he said in a discussion at the event.
Among the participants at the event was Brad Garlinghouse, CEO of Ripple. He spoke earlier of the event on the cryptocurrency markets, Bitcoin (BTC) and Ripple. He also highlighted the raids of the startup blockchain in the financial sector. According to him, more and more banks were continually embracing Ripple's technology.
In November of last year, the American Express together with Santander Bank entered into an agreement with Ripple to use its technology to facilitate and accelerate cross-border payments between the United States and the United Kingdom. Following the agreement, payments made through the American Express FXIP (FX International Payments) platform were routed through Ripple's networked business network, RippleNet. xCurrent is integrated with the American Express infrastructure that will facilitate payments from customers to SMEs.
Ripple, based in San Francisco, is the leader in the development of blockchain-based solutions for cross-border payments and settlements. The main products on RippleNet are xCurrent and xRapid. According to its CEO, the technology used by Amex, "has separated a connection from the cryptocurrency or token." He said; "This means that a bank or a bank like AMEX can use Ripple to connect and simply exchange value from one fiat currency to another directly, without the need for any intermediate blockchain currency."
At the moment, Marcus Treacher, Ripple's chief global strategic account manager, noted that his XRP currency would be used much more in the future. "The XRP currency will come into play later in evolutionary dynamics and other players," he said.
Ripple now has a market capitalization of over $ 22 billion (the third largest). xRapid involving the use of Ripple native XRP tokens has also received a lot of attention; be adopted by many banks and financial institutions. MoneyGram has tried l & # 39; xRapid in January . This led Garlinghouse to present a statement bold on xRapid, said:
[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””] By the end of this year, major banks will use xRapid as a liquidity tool. By the end of next year, I certainly hope that we will see […] in the order of magnitude […] by dozens. [/perfectpullquote]