Ripple partners with Cambridge for XRP cross-border payments | finder.com

Ripple partners with Cambridge for XRP cross-border payments

Peter Terlato 1 March 2018 NEWS

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.

Bitcoin vs. Ripple

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.

Western Union is reportedly testing transactions with cryptocurrency and blockchain company Ripple (XRP).

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.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Picture: Shutterstock

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Privacy and Cookies Policy and Terms of Use.
Go to site