Ripple And American Express Collaborate To Grow Their Services Worldwide

Ripple And American Express Collaborate To Grow Their Services Worldwide
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SMEs (Small and Medium Enterprises) are dominant in developing countries and are emerging at a faster pace more than ever before. With this in mind, they are the ones that are most often affected by any restrictions in cross-border payment systems particularly when it has to do with developing global e-commerce.

Ripple and American Express were present at the Money 20/20 Europe discussion in which many issues were addressed concerning SMEs and cross-border payments. The discussion involved Marcus Treacher, Joy Macknight, and Colin O’Flaherty from American Express and was particularly focused on finding solutions to global payments important to SMEs.

For SMEs to grow, they must be confident that their customers receive payments. It is important to know that normal global payments consist of different intermediates which radically slows down payments. It also produces margin for error. With this in mind, about 60% of inter-business cross-border payments need some kind of manual interference which slows down payments, according to a study made by Mckinsey.

The different cross-border payment problems that SMEs face these days were a “bone of contention” for the conversation between Joy Macknight, Deputy Editor of The Banker, Colin O’Flaherty, American Express’s Vice President & General Manager of global commercial services in the United Kingdom and Russia, and lastly, Marcus Treacher, who is Ripple’s SVP of Customer’s success.

Ripple And American Express Collaborate To Grow Their Services Worldwide

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Kane Dane