American Express Subsidiary Files Patent for Matching Images of Receipts with Associated Records

American Express Subsidiary Files Patent for Matching Images of Receipts with Associated Records

American Express (AMEX) subsidiary, American Express Travel Related Services Company, filed a patent for their blockchain use case that helps to identify and match a photograph of a receipt to available transaction records

On November 13, the patent file: Linking digital images with related records was published by the US Patent and Trademark Office. The patent document showed the process involved in correlating receipt images with available stored data, which is done through ‘optical character recognition’.

In the planned blockchain system, data blocks will serve as databases that contain hierarchical, relational, graphical blockchain information, and it also includes configurations. It is equipped with better security required for each block to retain transactions and the completion of blockchain executables.

The blockchain structure may include a distributed database that maintains a growing list of data records. The blockchain may provide enhanced security because each block may hold individual transactions and the results of any blockchain executables.

Patent File: Linking digital images with related records

Diverse Blockchain-Related Patents

Major establishments from various industries are active in filing patents for their own blockchain real-world applications. Some of the most recent filings came from Sony, which wants to use the technology to protect intellectual property; MasterCard has filed one for keeping track of consumer payments through blockchain; and Bank of America, which has more than 50 patents, patented a device for storing private keys.

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American Express Praises Ripple’s Capability to Process Cross-border Transactions ‘In a Matter of Seconds’

Ripple is a fintech which focus on using blockchain technologies to facilitate financial operations via traditional means appears to be bearing positive results. Not only has XRP established itself as the most important altcoin in the global market cap, but the company and its services continue to receive praise from significant players in the world of finance. Ripple: A Good Partner for American Express Speaking at the Wings of Change Europe conference in Madrid a few days ago, Carlos Carriedo, general manager of corporate payments at American Express explained that Ripple has the potential to improve the way payments are traditionally processed around the world. “Blockchain is absolutely an option we’re looking at. Just to give you a sense, we have invested in a fintech lab based on blockchain technology, just to understand how to leverage this better…. We did a pilot. We did a test, partnering with Santander locally, and with Ripple to just do cross-border transactions. Cross-border transactions continue to be complex and slow. And in a matter of seconds, through this test, our clients were able to transfer funds in a very transparent and seamless way, from one part of the world to the other one.” A Bright Future Needs Time In spite of the enthusiasm, Mr. Carriedo was emphatic in mentioning that there are still some aspects that need to be appropriately adressed before it is possible to talk about a massive implementation; however, he is convinced that there is a great potential in Ripple technology. “There is more to come. There’s still a lot of things that need to get addressed with blockchain as a technology. But it’s very promising… The future is definitely digital. Digital is the way payments will continue to be across both the consumer part of the business the commercial part of the business”. American Express has formed a serious business relationship with Ripple in an effort to achieve solutions that reduce the friction and inefficiencies inherent in legacy payment systems currently in use. Two of the most important fruits of this alliance were the collaboration with Santander for the installation of a cross-border payment processing network and the approval of a permit to operate in China. For American Express, the innovation offered by some fintechs such as Ripple is of utmost importance to adapt its business policy to modern times: “There are companies who can do the emerging technology faster and in a more inexpensive and we need to partner with them. The post American Express Praises Ripple’s Capability to Process Cross-border Transactions ‘In a Matter of Seconds’ appeared first on Ethereum World News.
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American Express And RippleNet, Official Crypto ETF And Crypto Market In Red

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RippleNet Use Case With American Express And Santander Simplifies USA-UK Cross Border Payments

Along with the recently declared Bitcoin Cash (BCH) Hash Wars taking center stage for a countless number of cryptocurrency miners and enthusiasts, it's very easy to have some otherwise weighty developments just slip off the radar by comparison. This statement is especially true when it comes to one of the significant developments which have happened in terms of being levied for streamlining the process of cross-border transactions. So what is this news that we otherwise missed? That would be that American Express, Santander, and Ripple have come together and teamed up to help speed up the process behind cross-border payments in the US-UK financial corridor, with the prospect of being used in other areas. At the moment, many of us are well aware that Santander has been using Ripple's xCurrent system in order to power its One Pay FX payment platform that allows its existing customers in the UK, Spain, Poland and Brazil to conduct instant cross-border payments. When it comes to customers of American Express, the credit card services giant confirmed that it is currently using xCurrent during Money 20/20 event in Amsterdam earlier on in the year. A New Service Which Will Be Powered By RippleNet As a result, it's therefore only natural that the two companies will go on to use Ripple's blockchain network of RippleNet, in order to ease payments taking place between both the US and the United Kingdom. Initially, this service will allow for payments by American Express' business customers based on its FX International Payments (FXIP) to be sourced via the RippleNet in order to make instant traceable cross-border payments to UK-based Santander bank accounts. The Executive VP and Chief Information Officer at American Express, Marc Gordon, had a number of things to say about the new service: This collaboration with Ripple and Santander represents the next step forward on our blockchain journey, evolving the way we move money around the world. Alongside Gordon, Santander's Head of Global Transaction Banking, Jose Luis Calderon, also followed up with this statement: “This blockchain solution opens up a new channel between the U.S. and the U.K. and presents a significant opportunity for payments globally.” Ripple’s Brad Garlinghouse was also optimistic about the new collaboration: “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 a business today.” XRP Will Come Into Play Later Ripple's Global Head of Strategic Accounts, Marcus Treacher, made the following series of statements when he underwent an interview with CNBC about the applications of XRP in the future. “The XRP currency will come into play later on in the evolutionary dynamics and the other players. The technology we have developed, it separated a connection from the cryptocurrency or the token. So what that means is that a bank or non-bank like AMEX can use Ripple to connect and just exchange value from one fiat currency to another directly, without the need for any intermediate blockchain currency.” Do you have any thoughts about this new partnership between the likes of American Express, Santander and Ripple? Feel free to discuss and let us know!
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