American Express has teamed up with Santander UK and Ripple to introduce blockchain-enabled cross-border business-to-business payments.
AmEx's FX International Payments (FXIP) business will route non-card payments through Ripple's real-time payments network.
The partnership will initially allow AmEx business customers to make instant and traceable payments to Santander bank accounts in the UK, although it is expected to eventually be extended to other partners and geographies.
The move will reduce the time and cost of settlement, simplifying connections with intermediaries and providing immediate end-to-end visibility into the transaction status and cost, says Ripple.
Greg Keeley, EVP, global corporate payments, AmEx, says: "Not only does this partnership with Ripple help decrease the time it takes for international transactions to be processed, it can make our transactions more effective for our customers."
Brad Garlinghouse, CEO, Ripple, adds: "Transfers that used to take days will be completed in real-time, allowing money to move as fast as business today. It is just the beginning, and we look forward to growing this partnership to help other American Express FXIP customers."