Financial services corporation American Express, also known as just AmEx announced in a job posting that in 2018 they would be “Introducing a [blockchain] solution with Ripple and Santander.” the advertisement said, but has since been removed.
Reported recently on Smarteum, AmEx’s Vice President Colin O’Flaherty confirmed at the payments, fintech and financial service event Money 20/20 that was held in Amsterdam, AmEx would adopt Ripple’s xCurrent tool to allow global transactions to take place with greater levels and transparency and speeds then currently the company is able to offer. The xCurrent tool has already been implemented by Spanish banking giant Santander to allow their OnePayFX service to complete international transfers via the same or next day for their customers. XCurrent does not currently require financial institutions to use the XRP or Ripple tokens to complete transactions.
Flaherty said, “Ripple offers instantaneous, point-to-point conversions between the sender and receiver of funds and that provides a real opportunity to alleviate most of the issues our customers are facing.”
AmEx is currently working on incorporating blockchain into its reward program as a way of allowing merchants to target specific customers with promotions. This will run alongside existing merchants inventory systems, meaning that merchants will not have to re-organize their inventory systems to be compatible with AmEx’s new reward program.