We’re learning more about the partnership between Ripple and Cambridge Global Payments, which is testing xRapid for cross-border payments.
Cambridge Global processes more than $20 billion in B2B international payments each year, and a document has surfaced revealing exactly where the company is using Ripple’s technology.
The Nilson Report, a publication covering payment systems around the world, published an article on the partnership in March, which says Cambridge Global “will first use Ripple XRP in Mexico. Other countries in Latin America as well as in Asia-Pacific will follow.”
The report goes on to explain exactly how Toronto-based Cambridge Global may benefit from Ripple’s proprietary xRapid technology.
“Cambridge will test expansion of its blockchain-based processing to include the use of XRP, Ripple’s digital asset (cryptocurrency). XRP and the XRP Ledger software it works with are both part of xRapid, Ripple’s on-demand liquidity service.
Currently, a company like Cambridge needs to keep funds in bank accounts in many countries in which it does business to make financial settlement. In any country in which Ripple can provide immediate conversion of XRP to fiat currency and submit that credit into the local automated clearing house network (ACH), Ripple clients do not need to keep their own funds in a local bank…
Ripple has been steadily growing its partnerships with financial institutions and money transfer companies. They realize Ripple’s blockchain can protect some of their legacy businesses while also using the technology to establish new business involving instant data exchange accompanied by a financial value exchange.
Ripple will expand its blockchain for cross-border B2B payments to any country that can provide instant ACH settlement after near-real-time conversions of its XRP digital currency to the local fiat currency.”
The report is based on interviews with Cambridge chief operating officer Mark Frey and Ripple Labs director of business development Danny Aranda.