American Express, Blockchain and Real Time Payments

20. March 2018.

In a patent application released by the U.S. Patent and Trademark Office on Thursday, the credit card company’s travel arm – the American Express Travel Related Services Company – describes using the tech (blockchain) to facilitate payments between two parties by using transaction requests as a proxy.

In order to access the system, parties conducting a transaction must create digital wallets on the blockchain. As a result, the payments are conducted directly through the blockchain, rather than through a third-party banking institution.

Notably, the company further suggests that a blockchain system could improve upon current card payments networks, writing:

“A payment network based on peer-to-peer payments may be used to facilitate most functions of traditional card payment networks and to enable additional services and functionality.”

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