Cambridge Global Payments, a subsidiary of FLEETCOR Technologies and the world’s leading provider of commercial payment solutions, is launching a pilot program to use XRP in cross-border payment flows through xRapid.
Cambridge currently has more than 13,000 customers worldwide and manages $ 20 billion in international transactions annually. The incorporation of XRP in these flows will provide its clients with a much faster, more economical and transparent cross border payment experience.
Cambridge joins five major financial institutions that have publicly announced that they are piloting xRapid, including Cuallix, MoneyGram, IDT Corporation, Mercury FX and Western Union.
They are also exploring xCurrent, Ripple’s business software for the settlement of international transactions and transactions currently used by more than 100 financial institutions.
Cambridge seeks to use xRapid to improve its customer experience
Cambridge works with companies, large and small, to facilitate critical payments and insurance for fuel, tolls, accommodation and accounts payable in general through its own payment networks in North America, Latin America, Europe and Australasia.
These international payment flows allow a simplified experience for customers who depend on Cambridge to ensure that their businesses stay healthy and expand. With xRapid, Cambridge aims to provide an even better experience for those customers.
Mark Frey, director of operations at Cambridge Global Payments, is confident that blockchain-based solutions such as xRapid can not only help Cambridge improve the payment process of its customers, but also boost critical innovation in its industry.
“We are excited about the knowledge that this pilot program is expected to offer, and we will use that information to help Cambridge and FLEETCOR develop our blockchain use cases in international payments,” said Frey.
“We strive to provide the best cross-border payment services in its class, quickly and transparently. We look forward to exploring how Ripple can help us continue to improve the customer experience using new technologies. ”
The continued adoption of digital assets will revolutionize cross-border payments
As Cambridge and more financial institutions begin to use xRapid to obtain liquidity, the blocked capital worldwide required in today’s fractured system for international payments may be available and used in new ways.
Ripple’s business development director, Danny Aranda, believes that partners like Cambridge recognize the revolutionary potential that XRP has for financial institutions.
“We focus on working with partners like Cambridge who understand the benefits of digital assets and take seriously the use of XRP to overcome inefficiencies in the global payment system,” said Aranda. “We look forward to working with Cambridge during this pilot to improve the speed and transparency of cross-border payments for their customers.”
The efficiency of cheaper and on-demand international payments using digital assets such as XRP along with the launch of idle capital is an important step towards Ripple’s mission to establish a value Internet, where money moves as information.