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American Express claims a successful test a real time international payment system developed by Ripple. The information is from Chairman of the Board of Directors, Carlos Carriedo, announced at Wings of Change Europe. Carriedo highlighted that the company still interested in better understand the blockchain, as published in the article of CryptoNewMedia.

The Ripple develop solutions in payment between financial institutions, the most knowed is the cryptocurrency ripple (XRP). Now Ripple is working together with Amex and Santander to create a solution in real time payments using the blockchain technology. The pilot project of the solution was able do international transactions in seconds.

Besides to provide transparency in transactions, solutions based in blockchain can bring more security to banks. Therefore, the technology can replace the SWIFT system, largely used by hackers as a exploit to attack backs. However, a global payment system is very complex to be developed and still being necessary to overcome many challenges.

Cost reduction

One of the greatest reasons to the usage of the technology is the cost reduction. The cryptocurrencies have lowers taxes than systems usually used to financial transactions. Therefore, probably big financial institutions will invest in solutions that uses crypto technologies in your business, becoming more safe, cheaper and efficient.