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Two new partners, Bottomline Technologies and Tranglo, are currently working on integrating Ripple’s technology for their cross-border payments. The U.S. Treasury might also be supportive.
All of the products being offered by Ripple regularly are drawing new partners for the blockchain company. Ripple already has an interesting list of companies that currently use different RippleNet products for their core functions. Now, two new partners, including Bottomline Technologies and Tranglo, are joining the Ripple team. In addition to this, the U.S. Treasury might be throwing its back behind the company as well.
Bottomline Technologies Partners with Ripple
According to the company’s Solution Architect Laurent Laborde on his LinkedIn page, Bottomline Technologies is currently testing one of Ripple’s products. A recent update on Laborde’s page specifically reads:
“Fundamental part of the move of our SaaS to the current disrupting technologies in the financial market: API-based payments, Ripple.”
At the moment, there are no specifics on what Ripple product Bottomline Technologies is testing. The company is, however, working on a “FastPay” product that will help its clients pay or get paid for their services. It’s possible that Bottomline is testing a Ripple product for FastPay and XRP may be used.
Bottomline Technologies is a payment processing and settlement company based in the U.S. Several thousand different firms across more than 90 countries are currently using Bottomline’s financial products.
In the third quarter of 2019, Bottomline had a gross profit totaling $61.6 million out of a $108.2 million gross revenue.
Tranglo and Ripple
Also, another payment company, Tranglo, is working on joining Ripple’s network of financial institutions. The company is based in Kuala Lumpur, Malaysia, and powers cross-border payments for many transactions in 18 countries. Some of these countries include Singapore, the Philippines, India, Japan and China.
Tranglo Project Manager Estee Lau has revealed that the integration started in November of 2019. Just like Bottomline Technologies, there is no official confirmation about what specific Ripple products will be used.
Furthermore, as it pushes to spread its payment solutions to more people, Tranglo will also be partnering with AliPay, the largest online payment platform in the world.
U.S. Treasury Secretary Speaks In Favour of Ripple
The ongoing World Economic Forum (WEF) 2020, has some of the most powerful people and world leaders in attendance. One of the attendees is the current United States Secretary of the Treasury, Steve Mnuchin. In a tweet posted by Ripple CEO Brad Garlinghouse, Mnuchin expressed support for companies that are disrupting the industry for cross-border payments. Mnuchin did not directly mention Ripple. He said:
“There are benefits to cross-border payment systems in lowering costs for consumers and businesses. We absolutely support companies working on this.”
Ripple is consistently growing the number of companies it services. The company’s strides include being named as one of the best workplaces according to Fortune. However, the company is still battling a class-action lawsuit to determine whether or not XRP is a security.