US FLEETCOR To Test Ripple’s xRapid Blockchain Payment Solution
Cambridge Global Payments will trial the use of Ripple’s XRP token in payment flows
New York-listed FLEETCOR Technologies, a major global provider of commercial payment solutions, will test the international payment opportunities provided by the blockchain technology of Ripple, the California-based enterprise blockchain solution provider Ripple said on Thursday.
Under the deal, FLEETCOR’s business-to-business (B2B) international payments provider Cambridge Global Payments will trial the use of Ripple’s XRP token in payment flows through the xRapid solution for on-demand liquidity, the blockchain startup said in a statement. Cambridge has some 13 000 clients and processes over USD 20 billion in B2B cross-border payments annually.
“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,” Cambridge’s COO Mark Frey said in the statement and expressed hope that Ripple will help his company improve the speed and transparency of cross-border payments.
Cambridge has been already exploring the opportunities offered by Ripple’s xCurrent solution, which enables financial institutions to communicate with each other in real time and thus settle payments instantly.
Ripple’s enterprise blockchain network RippleNet has already gained international recognition with more than 100 banks and financial institutions as members.
Earlier this year, Ripple sealed a partnership with major global money transfer service Moneygram in a move that is set to enable people to send cross-border payments quicker and cheaper. A similar deal with Western Union has been rumored, but not confirmed.
One of the largest money transfer institutions in the Middle East, UAE Exchange, has also agreed to join RippleNet, while Spanish lender Santander is working with Ripple on the launch of Distributed Ledger Technology (DLT) based payments for individuals.