Cross-border payments solutions firm, Cambridge Global Payments today announced its partnership with crypto payments network Ripple, and that it would use RippleNet to expand its payment delivery system into the Asia-Pacific markets. Cambridge which is a FLEETCOR company said that it had already completed a pilot phase of the partnership which offered more “transparency and certainty” throughout its payment processes.
In comparison with other payment providers, RippleNet reduced payout times by 99 percent when customers wanted to pay their overseas vendors. It further stated that RippleNet would even reduce lag-time which according to the firm was key to tapping the growing cross-border SME B2B payments market.
President of Cambridge Global Payments, Mark Frey said in a statement:
We entered into the relationship with Ripple because it presented Cambridge a great opportunity to use distributed ledger technology to reduce the amount of time it takes for customers to pay their overseas vendors.
VP, North America Managing Director at Ripple, Pat Thelen said this partnership emphasized the importance of blockchain technology to allow faster cross-border payments across the globe.
A study from Juniper Research found that blockchain networks will disrupt existing payment types and that the total value of B2B cross-border payments would reach $35 trillion by 2022. Much of this was said to be due to the COVID-19 related slump of $27 trillion. However, the economic impact of the pandemic would exceed 2019 cross-border values by 2022. Besides RippleNet, the research stated that the Visa B2B Connect would also be critical to the growth of cross-border payments.
Last week, Ripple introduced its new Line of Credit service that is available to RippleNet customers who can use the network’s on-demand liquidity (ODL) to source capital and initiate payments using XRP. While the Line of Credit would provide upfront access to capital for markets, the arrangement aimed to “simplify” access to financial solutions that accelerate business performance and scale.