Cambridge Global Payments, a FLEETCOR Technologies, Inc. owned B2B international payments provider announced today they will launch a pilot program with Ripple, the global blockchain payments solution for enterprise.
Cambridge processes over $20 billion in B2B cross-border payments annually, helping 13,000 business clients make international payments to suppliers and employees.Joining a growing list of firms opting to experiment with Ripple as 2018 gets underway, through the agreement, Cambridge will pilot the use of XRP, the native digital asset of the XRP Ledger, in payment flows through xRapid, Ripple’s solution for on-demand liquidity.
“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. We strive to deliver best-in-class cross-border payments services, with speed and transparency. We look forward to exploring how Ripple can help us continue to improve the customer experience using new technology.”
The xRapid pilot program builds on an existing relationship between Cambridge and Ripple which has been exploring similar advantages of xCurrent, Ripple’s enterprise software for messaging and international transaction settlement. xCurrent allows financial institutions to communicate information about a payment between each other in real-time, and settle the payment instantly.
“We’re focused on working with partners like Cambridge that understand the benefits of digital assets and are serious about using XRP to overcome the inefficiencies in the global payment system. We look forward to collaborating with Cambridge during this pilot to enhance the speed and transparency of cross-border payments for their clients.”