American Express is a global company, providing customers with various payment and banking services. It is very popular in English-speaking countries, including some European countries. Now AMEX uses xCurrent to process some payments. On the last day of Money20/20 Europe Colin O’flaherty, Vice President of American Express and CEO of UK & Russia, noted that American Express intends to expand services to support Ripple. Information about this appeared on the official website of Ripple.
In the final day of the forum, Money20/20, the participants spoke in particular about the problems associated with cross-border payments faced by small and medium-sized enterprises. Today they constitute the basis for both dominant and emerging economies. However, they are more likely to suffer from the inefficiency of the system of cross-border payments, especially in the context of the growing global e-Commerce.
Meanwhile, in order to be competitive, SMEs must be able to focus on business, not on whether their supplier payment. In the traditional global payment systems involve many intermediaries – not only is it slows down payments, but also increases the risk of errors. According to a recent study by McKinsey, 60% of interbank payments from business to business require manual intervention, which takes 20 minutes or more.
According to O’flaherty, such enterprises must have the ability to move small amounts of money at high speed. According to the Vice-President of American Express, 71% of the interviewed representatives believe that cross-border payments are problematic. However, he notes that Ripple allows to solve most of the issues faced by the clients of the company.
In conjunction with the Ripple company are working on a solution to the problems that arise when making cross-border payments. XCurrent from Ripple provides a new infrastructure based on the blockchain. Thanks Ripple, American Express customers in the US are already using faster payments. O’flaherty noted that a decrease in customer inquiries about payment status. O’flaherty stressed that we are talking not only about the technological interface. Ripple and American Express are also working to protect customers from fraud.
O’flaherty also confirmed that American Express intends to expand the work with Ripple, guided by the achievements made to date success, sosredotochitsya the company is planning for international payments.
– We are still at an early stage and learn a lot, says O’flaherty. But the blockchain offers a great opportunity to solve real customer needs.
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