American Express is developing a system for faster transactions on the blockchain

The Company “Yandex.Money” in mid-March, told about the readiness to conduct operations with cryptocurrency in case of their legalization by the Central Bank of the Russian Federation. One of the world’s largest payment systems, American Express, belongs to digital money with more caution. At the same time she is actively exploring the possibility of using the blockchain technology to increase the speed of transactions. About it it is spoken in documents filed by the company in U.S. patent and trademark office.

Blockchain to speed up the transfer

From the documents that American Express has developed a special way of processing payments. When the money is first routed to the special blockchain system, then the algorithms determine to approve or reject the transfer. For the assessment use a variety of factors, including risk analysis.

If the request is approved, the system automatically processes the payment and makes changes in the balances of the recipient and the sender of the money. To use the service, customers of the payment system you need to create digital blockchain wallets, says the patent.

Since all payments will be processed without the participation of third parties by type of banks, the transaction rate will rise, the company said. Representatives from American Express did not specify when the platform intends to introduce development.

In February, the Chairman of VTB management Board, commented on the prospects of the blockchain. According to Olga Dergunova, the technology of distributed registries will be in demand in the banking world.

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