B2B Payments

Amex Touts Success In Ripple Cross-Border Payments Pilot

In a renewed show of support for blockchain technology, American Express General Manager of Corporate Payments Carlos Carriedo has suggested that its pilot tests with partner Ripple to enable real-time cross-border corporate payments have been a success. Reports in Invest In Blockchain on Tuesday (Dec. 11) said Carriedo spoke at the Wings of Change Europe conference and emphasized American Express’ interest in blockchain technology.

“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.

“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.”

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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