In a major leap toward modernizing international finance, American Express has teamed up with Ripple to streamline cross-border payments between the United States and the United Kingdom using blockchain technology. This collaboration, announced on November 16, 2017, marks a pivotal moment in the adoption of decentralized financial infrastructure by traditional banking giants.
As part of the initiative, American Express joined RippleNet, Ripple’s global payments network, alongside institutions like Credit Agricole, Airwallex, and Cuallix. The partnership enables real-time, secure, and transparent fund transfers for corporate clients—transforming what once took days into transactions completed in seconds.
Revolutionizing International Payments with Real-Time Settlement
One of the most significant benefits of this collaboration is speed. Traditionally, cross-border payments have been plagued by delays due to intermediary banks, manual reconciliation, and time zone differences. With Ripple’s blockchain-based solution, American Express can now offer near-instant settlement for its business customers.
Brad Garlinghouse, CEO of Ripple, emphasized the transformative potential:
“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.”
This integration primarily leverages RippleNet’s shared ledger system rather than relying on XRP, Ripple’s native cryptocurrency—at least for now.
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How It Works: The U.S.-to-U.K. Payments Corridor
The current implementation focuses on a specific corridor: transferring funds from U.S.-based American Express corporate clients to recipient accounts at Santander in the U.K. These transactions are processed through American Express’s Foreign Exchange International Payments (FXIP) platform but now ride on RippleNet’s infrastructure.
Instead of passing through multiple correspondent banks, payments are routed directly via a shared blockchain network. This not only accelerates processing times but also enhances transparency and auditability—each transaction is recorded immutably on the ledger.
Marcus Treacher, Ripple’s Global Head of Strategic Accounts, clarified that while XRP isn’t currently used in this flow:
“The XRP currency will come into play later on in the evolutionary dynamics and the other players.”
This suggests a phased approach where digital asset liquidity solutions may be introduced in future expansions.
Greg Keeley, Executive Vice President of Global Corporate Payments at American Express, affirmed the strategic value:
“We’ve already seen evidence that blockchain technology is playing a transformational role in the way customers are served. Not only does this partnership with Ripple help decrease the time it takes for international transactions to be processed, it can make our transactions more effective for our customers.”
Indeed, tests have shown successful transfers from the U.K. to the U.S. completed in just a few seconds—a stark contrast to traditional SWIFT-based systems that average 2–5 business days.
A Strategic Shift Toward Blockchain Adoption
This move didn’t happen overnight. American Express has been exploring blockchain’s potential for years. At the 2015 New York Times DealBook Conference, then-CEO Kenneth Chenault made headlines by stating:
“The protocol of Bitcoin is going to be important.”
While cautious about cryptocurrencies as speculative assets, Chenault recognized early on that distributed ledger technology (DLT) could revolutionize transaction security, efficiency, and traceability.
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Just months after Ripple’s initial announcement, American Express signaled deeper engagement by joining the Hyperledger project—a Linux Foundation-led open-source blockchain initiative aimed at developing enterprise-grade solutions. This dual-track strategy shows Amex isn’t betting on one horse; instead, it's actively experimenting across platforms to future-proof its infrastructure.
Core Keywords Driving Financial Innovation
This development underscores several key trends shaping modern finance:
- Blockchain technology
- Cross-border payments
- Real-time settlement
- RippleNet
- Digital transformation
- Corporate banking innovation
- Distributed ledger technology (DLT)
These keywords reflect both user search intent and the broader industry shift toward decentralized financial ecosystems. By aligning with Ripple, American Express positions itself at the forefront of this evolution—offering faster, cheaper, and more reliable services without disrupting existing client relationships.
Frequently Asked Questions (FAQ)
Q: Is XRP being used in American Express’s current payment system with Ripple?
A: Not currently. The integration uses RippleNet’s blockchain network for transaction routing and verification. XRP may be incorporated in later phases to provide on-demand liquidity.
Q: Which banks are involved in this cross-border corridor?
A: The pilot connects American Express corporate clients in the U.S. with recipients holding accounts at Santander in the U.K.
Q: How fast are payments now compared to before?
A: Previously taking 2–5 business days via traditional methods, payments now settle in seconds thanks to Ripple’s real-time settlement capabilities.
Q: Does this mean American Express is launching its own cryptocurrency?
A: No. American Express is not issuing a digital currency. It’s leveraging blockchain as an infrastructure layer to improve existing payment flows.
Q: Can individual consumers use this service?
A: Initially, the service targets corporate clients using American Express’s FXIP platform. There are no public plans yet for retail customer access.
Q: Why is blockchain better than SWIFT for international transfers?
A: Blockchain eliminates intermediaries, reduces costs, enables 24/7 processing (unlike SWIFT’s operating hours), and provides end-to-end transaction tracking—making it faster, cheaper, and more transparent.
👉 Learn how blockchain networks like RippleNet are outpacing legacy systems in global finance.
The Bigger Picture: Legacy Finance Meets Fintech Innovation
The American Express-Ripple partnership exemplifies how traditional financial institutions are embracing fintech collaborations to stay competitive. Rather than building from scratch, Amex opted for strategic integration—leveraging proven blockchain infrastructure to enhance performance without overhauling core systems.
Moreover, this alliance demonstrates growing confidence in enterprise blockchain solutions beyond hype and speculation. It's not about price volatility or decentralized apps—it's about solving real-world problems: reducing friction, cutting costs, and improving customer experience.
As more institutions follow suit—from JPMorgan’s JPM Coin to Santander’s One Pay FX—we’re witnessing the dawn of a new financial era defined by interoperability, speed, and trustless verification.
For professionals tracking digital transformation in banking, this case study offers valuable insights into how legacy players adapt while maintaining regulatory compliance and client trust.
In conclusion, American Express’s collaboration with Ripple isn’t just a technical upgrade—it’s a signal of intent. The future of global payments is digital, decentralized, and fast. And it’s already here.