American Express or AMEX is an international financial services company. The company is estimated to be worth $33 billion and has more than 50,000 employees. Essentially, this is a payment giant company. Ripple recently posted an article on their news portal regarding AMEX.
This article discussed some of the challenges that small and medium-sized businesses face when conducting cross-border transactions. Payments made through traditional financial companies incur high fees and can take a long time. At the moment, AMEX is one of the companies offering cross-border transfers. On the other hand, AMEX recognizes that such companies often need to process small and frequent payments, and in these cases, traditional methods are not suitable.
According to Ripple: “American Express clearly understands the challenges that small and medium-sized businesses face when dealing with banking services, from cross-border payments to access to credit.These companies are working with Ripple to solve the problems their customers face when making payments. Ripple's xCurrent is a new infrastructure developed using blockchain technology designed to facilitate global payments. American Express customers have the opportunity to use this infrastructure and all its capabilities.
American Express currently uses xCurrent for some payments, but now they are also planning to develop a new fraud prevention system on the Ripple blockchain.
“By using the Ripple blockchain for international transfers, AMEX customers are already able to make faster payments, Ripple and American Express are also working together to improve the quality of services and. fraud protection.”
But the most interesting thing: “American Express intends to focus on distributing Ripple services in global trade corridors with large flows of funds.”.
Could this mean that AMEX will add XRP to their portfolio? Of course, this will help AMEX develop an anti-fraud solution, but more importantly, it will help AMEX achieve its goal of creating a service that works globally with a large number of transactions.
This is just speculation, however, this is the first time in a long time that we have seen the actual use of the XRP token in an already existing project, especially such a large one.
According to cryptodaily
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