Ripple, the company behind the fourth-largest cryptocurrency, XRP, has been trying to team up with banks and other financial institutions around the world for years now. So far, the US crypto startup has been rather successful at doing it, and some of its partners, which already use its payment products, include some rather big names in the financial world.
However, there are always more firms to partner with, and so Ripple’s mission is far from over. But, as mentioned, the company is making progress, and the most recent example of this is its partnership with Cambridge Global Payments, which was announced only yesterday, October 14th.
Cambridge Global Payments joins Ripple
As some may already know, Cambridge Global Payments is a FLEETCOR company that is working on international transactions. As such, it is a perfect partner for Ripple, which has dedicated its efforts to create a network of banks and financial firms that would stretch all over the world.
With Ripple’s technology, these companies can make international payments almost instantly. Right now, the technology that they use is extremely slow, and international payments can often take days, if not weeks to be processed.
Cambridge Global Payments’ partnership with Ripple was made in order to create a cross-border payment solution for B2B customers, as the company noted in its press release.
Of course, the solution will be based on Ripple’s own global payments network, RippleNet.
The company’s president, Mark Frey, noted that “We entered into the relationship with Ripple because it presented Cambridge a great opportunity to use distributed ledger technology to reduce the amount of time it takes for customers to pay their overseas vendors“.
The press release continues to say that in the pilot phase of the partnership, deposit to vendors who used preferred banking partner, Siam Commercial Bank, saw a 99% reduction in payment processing time. In other words, the tests have proven to be a huge success, as previous processing time typically took around two days.
Ripple is glad to offer its network to a new partner
Furthermore, Ripple’s North America Managing Director, Pat Thelen, commented on the partnership, as well. He said that “Ripple and Cambridge understand the importance of blockchain technology to improve cross-border payments for customers and bringing greater certainty into the delivery of cross-border payments.”
Ripple’s own announcement also noted that Cambridge is exploring new countries and currencies to include as part of its service. Partnering with Ripple and using its RippleNet will be very beneficial for the company to reach its goal quickly.
So far, Cambridge has more than 13,000 clients across the world. It also handles over $20 billion in cross-border transactions per year. The company also has quite a bit more room to grow, and with Ripple, it will be able to offer faster, cheaper transfers, which would give it a major edge against the competition.