A top American Express representative, Carlos Carriedo, Ripple has the potential to revolutionize cross-border payments. Carriedo said this during a recent conference in Madrid called Wings of Change Europe. Carriedo is the general manager of corporate payments of the company.
American Express Believes in Ripple
Ripple seems to be revolutionizing the world of cross-border payments in many different countries. Financial companies and banks are using Ripple’s services to improve their services and products. The credit card giant American Express seems to be very positive about the future of the space.
Carriedo mentioned that blockchain integration was one of the top priorities for the company and its future. The virtual currency XRP caught the attention of many different firms around the world. At the same time, he explained that Ripple has the potential to improve the way that payments are processed around the world.
It seems that the company has already partnered with Ripple and with the recognized European bank Santander.
About it, he mentioned:
“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.”
Santander has been working with blockchain technology for a very long time. It has already partnered with Ripple and is using the technology provided by the San Francisco-based company. However, the bank is still not using XRP and it seems that it is not planning to do it in the near future.
Carriedo has also emphasized that there are some aspects that need to be addressed about blockchain as a technology. Although there are some challenges that must be addressed, he said that this technology is very promising. He then went on saying that digital payments are going to be performed on the consumer and commercial part of the business.
In order to reduce friction during payments, Ripple has established a business relationship with Ripple. This shows that there are traditional financial companies that are starting to work not only with blockchain but also with cryptocurrencies.
“There is more to come,” said Mr. Carriedo. “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 definitely digital.”
Ripple has already partnered with other companies in the space such as MoneyNetInt and MoneyMatch. In the future, financial institutions could start using XRP to reduce even further costs and transaction times.