American Express and Santander Partner with Ripple
- The partnership will process some AmEx cross-border payments through the RippleNet platform.

On Thursday, American Express and Santander officially announced a partnership with Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term network Ripple. The companies state that they aim to reduce costs and increase speed for across-the-border transactions between the US and the UK. The collaboration will route Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term made through American Express’s FX Internation Payments platforms by business customers through RippleNet.
Marc Gordon, executive vice president and chief information officer at American Express, said: “This collaboration with Ripple and Santander represents the next step forward on our blockchain journey, evolving the way we move money around the world.”
While other major electronic payment platforms, such as MasterCard, have taken some steps toward integrating blockchain technology into their systems, this is the first time a major payment card company has actually taken the leap into blockchain adoption. According to a CNBC report, American Express and Santander both “suggested the blockchain project could eventually be extended worldwide.”
Ripple CEO Brad Garlinghouse added: “We're taking a huge step forward with American Express and Santander in solving the problems corporate customers experience with global payments. Transfers that used to take days will be completed in real-time, allowing money to move as fast as business today.”
In the wake of the announcement, the Ripple crypto token (XRP) experienced a massive bullish run from roughly US$0.21 to US$0.27. However, the rally has since settled around US$0.22.
Blockchain in Brief: Security and Efficiency for Payment Platforms
Blockchain technology is a form of Distributed Ledger Technology (DLT) that is commonly used as a platform for payment networks. The most famous blockchain-based payment network is Bitcoin, which also happens to be the first blockchain network that was ever created.
Blockchain networks are not stored in or operated from any central location - rather, they are upheld by hundreds or even thousands of computers called 'nodes', which perform the duties necessary to securely store transactional data. In exchange for their work, they receive rewards in the form of crypto tokens.
The transactional data is stored in little groups, called 'blocks'. When a block is full, it gets added to the block that came before it in a linear fashion, like in a chain. Thus, 'blockchain'.
Increased transactional speed isn’t the only benefit that blockchain can bring. Because blockchain networks are not stored in any central location, they are virtually impervious to hacking (a hacker would have to compromise more than half of the computers on the network to be effective) or the effects of natural disasters. Additionally, companies who use blockchain technology or other forms of DLT greatly reduce the costs associated with the maintenance of a centralized server.
Because making any retroactive changes to the data stored on a blockchain would mean gaining consensus from the entire network, it is also nigh on impossible for duplicate or fraudulent transactions to take place.
Blockchain Adoption is On the Rise
Some of the world’s major banks and financial systems have also had their interest piqued by the potential of blockchain integration, despite the fact that many big names in the financial world have decried Bitcoin as “a fraud” (ahem, Jamie Dimon). UBS, Barclays, SWIFT, HSBC, and Barclays have all been exploring blockchain.
Blockchain is, at the very least, becoming harder to ignore, as cryptocurrencies are still proving people that decry them as a fad or a bubble wrong. The truth is that this technology does have something to offer the world. Bitcoin’s enigmatic creator (or group of creators), Satoshi Nakamoto, has some choice words for skeptics: “If you don't believe me or don't get it, I don't have time to try to convince you, sorry.”
On Thursday, American Express and Santander officially announced a partnership with Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term network Ripple. The companies state that they aim to reduce costs and increase speed for across-the-border transactions between the US and the UK. The collaboration will route Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term made through American Express’s FX Internation Payments platforms by business customers through RippleNet.
Marc Gordon, executive vice president and chief information officer at American Express, said: “This collaboration with Ripple and Santander represents the next step forward on our blockchain journey, evolving the way we move money around the world.”
While other major electronic payment platforms, such as MasterCard, have taken some steps toward integrating blockchain technology into their systems, this is the first time a major payment card company has actually taken the leap into blockchain adoption. According to a CNBC report, American Express and Santander both “suggested the blockchain project could eventually be extended worldwide.”
Ripple CEO Brad Garlinghouse added: “We're taking a huge step forward with American Express and Santander in solving the problems corporate customers experience with global payments. Transfers that used to take days will be completed in real-time, allowing money to move as fast as business today.”
In the wake of the announcement, the Ripple crypto token (XRP) experienced a massive bullish run from roughly US$0.21 to US$0.27. However, the rally has since settled around US$0.22.
Blockchain in Brief: Security and Efficiency for Payment Platforms
Blockchain technology is a form of Distributed Ledger Technology (DLT) that is commonly used as a platform for payment networks. The most famous blockchain-based payment network is Bitcoin, which also happens to be the first blockchain network that was ever created.
Blockchain networks are not stored in or operated from any central location - rather, they are upheld by hundreds or even thousands of computers called 'nodes', which perform the duties necessary to securely store transactional data. In exchange for their work, they receive rewards in the form of crypto tokens.
The transactional data is stored in little groups, called 'blocks'. When a block is full, it gets added to the block that came before it in a linear fashion, like in a chain. Thus, 'blockchain'.
Increased transactional speed isn’t the only benefit that blockchain can bring. Because blockchain networks are not stored in any central location, they are virtually impervious to hacking (a hacker would have to compromise more than half of the computers on the network to be effective) or the effects of natural disasters. Additionally, companies who use blockchain technology or other forms of DLT greatly reduce the costs associated with the maintenance of a centralized server.
Because making any retroactive changes to the data stored on a blockchain would mean gaining consensus from the entire network, it is also nigh on impossible for duplicate or fraudulent transactions to take place.
Blockchain Adoption is On the Rise
Some of the world’s major banks and financial systems have also had their interest piqued by the potential of blockchain integration, despite the fact that many big names in the financial world have decried Bitcoin as “a fraud” (ahem, Jamie Dimon). UBS, Barclays, SWIFT, HSBC, and Barclays have all been exploring blockchain.
Blockchain is, at the very least, becoming harder to ignore, as cryptocurrencies are still proving people that decry them as a fad or a bubble wrong. The truth is that this technology does have something to offer the world. Bitcoin’s enigmatic creator (or group of creators), Satoshi Nakamoto, has some choice words for skeptics: “If you don't believe me or don't get it, I don't have time to try to convince you, sorry.”