Six months ago, no one knew that Ripple (XRP) and America Express partnership will be the best ever for the two firms. The two inked a deal in December during the crypto-market boom and their partnership has blossomed to a level where American Express transactions speeds have tremendously increased.
This was not the only deal that Ripple struck, it also partnered with MoneyGram, Santander and Western Union. Interestingly, the deal between Ripple and American express was not disclosed until the results started to trickle in. Many users and deal supporters thought the money processor was using the xVia only to realize later that the choice was xCurrent.
Why Ripple xCurrent?
Ripple has a compact product suite designed for the banking and financial sectors. These include xCurrent, xVia and xRapid; each solves a specific problem in the financial sector. The xCurrent is what American express is using for their transaction solutions and has helped them make it easy to make outgoing and incoming cross border transactions.
However, xCurrent is not just a money transfer application, it does more. You can perform end-to-end tracking as well as bidirectional massaging. The system has the capacity to make all payment standards across the Ripple network
What is Ripple xCurrent and American Express Addressing?
There are many issues affecting the financial sector but the partnership addresses challenges that small and medium enterprises face when it come to making payments. You do not need to use the Point-of-Sale (PoS) system once you integrate xCurrent in your processes.
According to the Ripple customer success SVP, Marcus Treacher:
“The consumption of the Ripple technology is not a heavy lift for SMEs. This is because we are implementing within the existing payment network and banking world.”
Simply put, to get the benefits of xCurrent you do not have to overhaul the existing system, all you need is integrate it and you are good to go. The America express added the application on their existing system for instant cross border payments.
According to live demonstrations on Santander’s own mobile application, OnePayFX, user will be able to use AMEX cards and still get fast transaction speeds. There is no need to change the existing infrastructure.
According to American Express Colin O’Flaherty:
“We are still in the early stages, learning a lot. And blockchain offers a big opportunity to solve real customer needs.”
To American Express, The xCurrent is making payments faster and has added a lot of efficiency and the response from the consumer is quite positive. The Ripple product has changed how American Express and Santander have been connecting with their consumers before the December 2017 partnership.
Ripple (XRP) Market Recap
Ripple (XRP) performance can be termed as solid despite the current market slump. The coin has been making steady gains and shedding some but due to its low price and huge market supply, the fluctuations seem minimal. The coin has been on and off the green and is poised for a breakout above the 0.5 6 resistance in the coming weeks.
At the time of writing XRP was trading in the green after gaining 1.13% and 0.61% to the USD and BTC respectively. The 24 hour gain appears to be a short term spike that might be interrupted by similar drops going forward. However, as the market continues to recover, XRP is set to be a coin to stake on.
The recent listing on Binance exchange should also act as the long awaited catalyst for additional uptake and traction. Hopefully with the goods news coming from the strategic partners the coin’s popularity will see more financial institutions come onboard going forward.