Cambridge Global Payments and Ripple Team Up

Cambridge Global Payments and Ripple Team Up

Bitcoin Crypto News News Ripple
October 16, 2020 by Elias Powell
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The company behind XRP, which is the fourth largest cryptocurrency in the market, Ripple has been working on teaming up with numerous financial institutions, including banks, from all over the world. This has been ongoing for a few years and so far, the US-based company has managed to achieve some success in this regard. Some
Cambridge Global Payments and Ripple Team Up

The company behind XRP, which is the fourth largest cryptocurrency in the market, Ripple has been working on teaming up with numerous financial institutions, including banks, from all over the world. This has been ongoing for a few years and so far, the US-based company has managed to achieve some success in this regard. Some of the institutions it has partnered up with are using its payment products and they are some of the top names in the financial world. However, this doesn’t mean that there are any more options for the company to explore, which means that the company’s job isn’t done yet. 

Nonetheless, as stated above, Ripple is undoubtedly making progress and the most recent partnership that it has made is with Cambridge Global Payments. The deal between two was announced on October 14th, 2020. Most people are already aware that Cambridge Global Payments is actually a FLEETCOR firm, which is focusing on international transactions. Therefore, the company would make an excellent partner for Ripple, which has dedicated itself to create a network of financial firms and banks that would stretch all over the globe. These companies would be able to use Ripple’s technology for making instant payments. 

As of now, the technology that is in use by these companies is extremely slow and it can often take days, if not weeks, for international payments to be processed. According to a press release by the company, the partnership between Ripple and Cambridge Global Payments was struck for coming up with a cross-border payment option for B2B clients. This particular solution would be based on RippleNet, the global payment network owned by Ripple. The president of Cambridge Global Payments, Mark Frey said that they had entered into this relationship because it provided them the chance to leverage distributed ledger technology for reducing the amount of time it takes their clients to pay overseas vendors.

It was mentioned in the press release that there was a 99% reduction in time taken to process transactions in the partnership’s pilot phase. Put simply, the tests have turned out to be a huge success. Because previously, the same transactions had taken at least two days to process. Furthermore, Pat Thelen, the North America Managing Director at Ripple also commented on this partnership. He said that the two companies were fully aware of the role blockchain technology can play in improving cross-border payments for clients and adding greater certainty into processing cross-border payments. 

The announcement made by Ripple also noted that new countries and currencies are being explored by Cambridge to add to the service. The company would certainly benefit through a partnership with Ripple and the use of RippleNet will allow it to quickly reach its goal. Cambridge has around 13,000 clients all over the world and it has a whopping $20 billion volume of cross-border transactions every year. Nevertheless, the company still has a lot of room for growth, and this partnership with Ripple would allow it to offer cheaper, faster transfers to gain an edge over their competition.

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