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American Express Vice President Colin O & # 39; Flaherty has confirmed that the company has officially used xCurrent, a blockchain-based financial solution from Ripple Inc. Or & # 39; Flaherty, which also serves as general manager of UK global commercial services and Russia, spoke at the last day of the event The Money 20/20 held June 4 to 6 in Amsterdam.
"Ripple offers instant conversations from point to point 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 session during l & # 39; event.
Among the speakers 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, 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 time, Marcus Treacher, Ripple's 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 tried l & # 39; xRapid in January. This led Garlinghouse to make a bold statement on xRapid, he 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 we will see […] in the order of magnitude […] of dozens[/perfectpullquote]