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Ripple (XRP) and American Express were a part of Money 20/20 Europe with a discussion panel consisting of Marcus Treacher, Joy Macknight, and Colin O’Flaherty from American Express. The discussion was relevant to why faster more transparent global payments are vital for Small-to-medium sized enterprises [SMEs].

The challenges faced by SMEs with cross-border payment systems was the keynote for the conversation, on the final day of Money 20/20, between Colin O’Flaherty, VP of American Express; Joy Macknight, Deputy Editor of ‘The Banker’; and Ripple’s SVP of customer success, Marcus Treacher.

SMEs form the backbone of emerging economies as well as the already dominant ones in today’s world. However, they are the most impacted by inefficiencies when it comes to payments across the borders, specifically in terms of global e-commerce that is growing every day. SMEs must be able to move at high speeds even for the small amount of money very accurately. O’Flaherty mentioned that 71% of SMEs believe cross-border payments are troublesome.

He added on saying, “Ripple offers instantaneous, point-to-point conversations between the sender and receiver of funds. This provides a real opportunity to alleviate most of the issues our customers are facing.”

On the other hand, American Express understands the issues faced by SMEs perspective with traditional banking from credit access to international transfers. American Express’ open-forum is recommended highly and is well-known for support and resources to help and support small-to-medium enterprises grow.

With Ripple (XRP) support, the companies are progressing and working to address all the issues faced by the clients when international payments are done. One of the solutions from Ripple, the xCurrent solution provides a completely new infrastructure based on blockchain for cross-border payments. The new connection is from the customers of American Express in such a way that the design itself takes care of giving out the best user experience and maximum impact.

Marcus Treacher expressed his opinion stating, “The consumption of Ripple technology is not a heavy lift for SMEs. This is because we’re implementing within the existing payment networks and banking world.”

American Express clients have already witnessed faster payments in the US because of blockchains powered by Ripple that are monitoring and facilitating the transactions behind the doors. This has also tremendously declined the number of customer queries about payment status in the business, O’Flaherty noted while he also highlighted the point that it is just not about the technical implementation or the interface provided.

Ripple (XRP) and American Express together have also aligned from a fraud perspective which includes UI, risk, and customer service. This will ultimately benefit the customer by allowing a holistic experience.

The VP of American Express mentioned before concluding that

“American Express’s intention is to expand based on successes to date — to focus on making Ripple-enabled services available across new global corridors with the large transaction flows.”

He ended as he stated that they are still naïve, at the beginning, phases where they are learning a lot. He also noted that the blockchain technology offers a lot of solutions, a big opportunity to solve real-world problems while also fulfilling customer needs.


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This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.
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