Cambridge Global Payments, a FLEETCOR the company that works for cross-border payments, has a partnership with the solution of blocking companies ripple in a cross-border payment solution for B2B clients, according to a Press release.
Using RippleNet, Ripple’s global payment network, the partnership will benefit from the mature cross-border payment market, which one July Juniper research the study said it would be worth $ 35 trillion by 2022, the announcement said.
In the pilot phase of the project, deposits with preferred banking partner Siam Commercial Bank saw a 99 percent reduction in time to pay with RippleNet compared to other services, the announcement said. Cambridge also said there is a new degree of transparency and security with the new partnership.
Pat Thelen, vice president and managing director of North America at Ripple, said both companies understand the need to use blockchain to help strengthen cross-border payments.
“Given today’s realities, adding more technology options is even more critical to ensuring faster payments across the globe,” Thelen said, according to the announcement.
Mark Frey, the president of Cambridge Global Payments, said the opportunity to increase efficiency and speed was very good to go through, compared to the old ways in which traditional systems included many lethargic intermediaries that slowed down payments, the statement said.
We entered into a relationship with Ripple because it offered Cambridge an excellent opportunity to use distributed book technology to reduce the amount of time customers need to pay their overseas sellers, he said, according to the announcement. By expanding this relationship, we are expanding our reach to the Asia-Pacific region while providing customers with the prompt delivery of the payments they expect.
This is not Ripple’s first attempt at cross-border payments. The firm has also worked with Fujairah National Bank PJSC (NBF) in order to enable them. Now, bank customers can make easy and secure payments through Ripple and have access to a higher quality of payments than they were previously taught, the companies said about the partnership.
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