Ripple Partners with Cambridge Global Payments on xRapid

| Updated
by Alexandra Sayapina · 3 min read
Ripple Partners with Cambridge Global Payments on xRapid
Photo: Pixabay

The pilot program of the platform which allows payment providers to minimize liquidity costs is expected to be launched by the FLEETCOR-owned company.

Ripple takes active part in the process of adopting cryptocurrencies. The market capitalization of over $36.58 billion allows XRP to take the third place among all the cryptocurrencies and stay one of the most discussed topics of the sphere. The latest news on Ripple is about its partnership with a leading independent global provider of specialized payment products and services FLEETCOR.

FLEETCOR has been on the market since 2000. During this time it managed to grow significantly: now it operates in 53 countries and has over 800 partners. The new partnership with Ripple involves a B2B company FLEETCOR, which owns Cambridge Global Payments. This company will become the core platform for the usage of xRapid – an effective solution for on-demand liquidity. For sure, the cryptocurrency used by the platform is XRP.

Cambridge Global Payments is a strong company for a pilot xRapid project. This company works in the sphere of foreign exchange and global payments. It has already attracted over 13,000 clients. What is more important, this company knows how to work with innovations: during the last few years it has been winning a number of awards like PayStream Innovate Award and Global Financial Market Review Award: Most Innovative FX Platform.

Mark Frey, Chief Operating Officer of Cambridge Global Payments, said: “We are excited for the insights this pilot program is expected to deliver, and we will use that information to help both Cambridge and FLEETCOR develop our use cases for blockchain in international payments. We strive to deliver best-in-class cross-border payments services, with speed and transparency. We look forward to exploring how Ripple can help us continue to improve the customer experience using new technology.”

The partnership of Ripple and FLEETCOR is based on xRapid. This platform helps the companies provide their customers with better experience –it minimizes the liquidity costs. xRapid allows to circumvent the requirement of obtaining pre-funded local currency accounts when conducting payments in emerging markets. The cross-border payments on xRapid use XRP. This liquidity option allows the companies to lower the costs of operations – and attract more clients thanks to lower prices and secure and transparent service built on blockchain platform.

Danny Aranda, Director of Business Development, has high expectations about the pilot project: “We’re focused on working with partners like Cambridge that understand the benefits of digital assets and are serious about using XRP to overcome the inefficiencies in the global payment system. We look forward to collaborating with Cambridge during this pilot to enhance the speed and transparency of cross-border payments for their clients.”

This pilot is not the first experience of Ripple and Cambridge Global Payments collaboration. These companies have already worked together on xCurrent – solution for instant and certain global payments. The partnership turned to be successful – and the clients of Cambridge Global Payments will soon be able to use more benefits of the blockchain technology.

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Alexandra Sayapina

Alexandra is a software engineer who specializes in core banking systems development for financial and IT spheres. Taking strong interest in blockchain, cryptocurrencies, and IoT, Alexandra got deep understanding of the emerging techs believing in their potential to drive the future.

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