Europe’s largest fintech event, Money20/20 Europe 2018, Amercian Express VP Colin O’Flaherty talked about Ripple’s xCurrent and how it’s benefiting their company aid small to medium-sized enterprises- SEMs.
SMEs spend about 20 minutes or greater in laborious and manual tasks to complete just 60% of B2B cross-border payments. It’s extremely inefficient and leads to higher operating costs and overhead. It’s also very slow in transaction speeds.
O’Flaherty believes that 71% of SMEs consider cross-border payments to be a hassle and problematic. Ripple’s xCurrent is a blockchain tech that allows for worldwide payments. It allows customers and businesses to connect to it without having to go through hoops of complex integration. It’s built for adoption with ease.
The VP also talked about how Ripple and American Express and aligned in multiple areas from user experience service to help SMEs. The end goal is to use Ripple’s blockchain for large transaction flows.
“Ripple offers instantaneous, point-to-point conversations between the sender and receiver of funds, and that provides a real opportunity to alleviate most of the issues our customers are facing.”
“We’re still in the early stages, learning a lot, and blockchain offers a big opportunity to solve real customer needs.”
American Express is positioned as the enterprise solution for banks, business, and online transactions with the need for fast speeds and quick payment times. Its adoption of xCurrent is a pretty significant step in the journey for Ripple’s worldwide usage.
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