“Blockchain is absolutely an option we’re looking at,” he said. “Just to give you a sense, we have invested in a FinTech lab based on blockchain technology, just to understand how to leverage this better.”
He pointed to blockchain company Ripple in particular, which is working with American Express and Santander to test a blockchain-powered, cross-border payments solution.
“We did a test, partnering with Santander locally, and with Ripple to just do cross-border transactions,” he said, according to reports. “And in a matter of seconds, through this test, our clients were able to transfer funds in a very transparent and seamless way, from one part of the world to the other one.”
Last year, American Express joined Ripple’s RippleNet, the blockchain network designed to provide real-time B2B payments. Other members include Crédit Agricole and Airwallex. The collaboration sees American Express FX International Payments collaborating with Santander UK to develop a mechanism to move corporate funds between the U.S. and U.K. in real time.
Reports noted, despite Carriedo’s hints at success of these tests, that more still needs to be done to bring the solution to market.
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“There is more to come,” he said. “There’s still a lot of things that need to get addressed with blockchain as a technology. But it’s very promising. … The future is definitely digital. Digital is the way payments will continue to be across both the consumer part of the business and the commercial part of the business.”
