Ripple partners with Cambridge for XRP cross-border payments
XRP is one of the most efficient digital assets for international payments due to its low transaction fees.
It seems as though crypto company Ripple signs a new partner to pilot its blockchain technology every other week. On this occasion, Cambridge Global Payments plans to use the XRP token in cross-border transactions.
A subsidiary of US-based FLEETCOR Technologies, Cambridge Global Payments serves more than 13,000 clients worldwide and handles around $20 billion in international payments each year. Ripple’s xRapid solution lowers the capital requirements for liquidity through its use of the popularly traded XRP digital token.
XRP is one of the most efficient digital assets for payments due to its low (around US$0.004) transaction fees.
Cambridge works with a range of different businesses to facilitate secure payments for fuel, toll, lodging, and general payables via proprietary payment networks in North America, Latin America, Europe and Australasia.
Cambridge is also exploring uses for xCurrent, Ripple’s software for messaging and international settlements. xCurrent utilizes industry-standard cryptographic algorithms and public/private key cryptography to mathematically verify each transaction. Banks’ internal systems communicate with xCurrent over secure HTTPS connections and use OAuth 2.0 for authentication, according to Ripple’s xCurrent brochure.
Ripple’s distributed ledger, RippleNet, provides real-time messaging, plus financial clearing and settlements. Ripple has already signed over 100 partners who utilize its RippleNet blockchain.
China’s LianLian Pay employs Ripple’s xCurrent solution to process same-day cross-border transactions.
UAE Exchange, a leading United Arab Emirates (UAE) global money transfers company, is another business that has adopted Ripple’s blockchain network in order to process real-time payment solutions for its customers.
The blockchain company also joined ranks with banks in Brazil and India, as well as money transfer service providers in Brazil, Singapore and Canada.
After teaming with international currency transfers firm MoneyGram in January, Ripple recently announced that IDT Corporation and MercuryFX will pilot xRapid to settle retail remittances and corporate transactions.
French bank Crédit Agricole and its payment services will trial RippleNet to improve the efficiency of foreign exchange money transfers for regional banking customers who live near the Switzerland border.
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