Ripple and Cambridge Global Payments, a subsidiary of Fleetcor Technologies, a provider of specialized payment solutions for business, have entered into an agreement to use the RippleNet blockchain solution, according to a press release.
During pilot tests with the help of RippleNet, the company succeeded Reduce the time to transfer funds to suppliers in Thailand through the local Siam Commercial Bank by 99%, compared with an average of two days.
Cambridge Global Payments management also noted a high level of transparency and certainty throughout the entire payment process. The company is evaluating the economic feasibility of using RippleNet in other countries and in other currencies.
“Partnering with Ripple will expand our reach in the Asia-Pacific region and provide customers with the speed of payments they desire,” said Mark Frey, President of Cambridge Global Payments.
The press release provides data from a Juniper Research study. Analysts predicted the growth of the market for cross-border B2B payments in the context of the COVID-19 pandemic by 30% - from $ 27 trillion to $ 35 trillion. Cambridge Global Payments believes these findings highlight the relevance of technology transitions. Due to them, you can achieve faster payments and reduce the likelihood of errors by eliminating intermediaries.
The collaboration between Fleetcor Technologies and Ripple began in 2018 with the testing of the xRapid product. Recall that in October, Ripple launched a service for lending businesses with XRP tokens.
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