America Express raising cross-border payment efficiency with Ripple blockchain solutions
Ripple xrp news has been the headline in all news about cryptocurrencies. Another news came on June 8th that is at the Money 20/20 Europe Forum, a panel which consists of the three members in American Express, including Marcus Treacher, Joy Macknight, and Colin O'Flaherty, discussed why It is critical for SMEs to be faster and more transparent in global payments.
As SMEs play an important role in emerging economies, SMEs must be able to transfer at an accurate and high speed way. However, in terms of cross-border payments, they are most affected by the low efficiency, especially when global e-commerce is increasing daily. And O'Flaherty mentioned that 71% of SMEs believe that cross-border payments are troublesome. While he added that Ripple, which provides point-to-point communication between fund transferers and recipients, offered a real opportunity to alleviate most of the problems our customers face.
With the support of Ripple (XRP), these companies are constantly striving to solve all the problems customers face in international payments. The xCurrent solution from Ripple provides a new infrastructure based on a cross-regional payment blockchain.
American Express customers have already achieved faster payment efficiency in the United States because the blockchain backed by Ripple is monitoring and facilitating behind-the-scenes transactions. O'Flaherty pointed out that this also greatly reduces the number of customer inquiries about the status of business payments, and he also stressed this point, rather than the technology to achieve or provide the interface.