- Cambridge Global Payments, which provides online money transfer services and currency risk management tools, will work alongside blockchain firm Ripple.
- The two firms will endeavour to bring more certainty to customers in the online money transfer sphere.
- In one test alongside Siam Commercial Bank in Thailand, the speed of money transfers was driven down by close to 100%.
A cross-border payments firm has announced a new partnership with the blockchain-powered financial services technology firm Ripple.
Cambridge Global Payments, which offers online money transfer services as well as foreign exchange currency risk management options, said that it would work alongside Ripple to enhance its commercial client offer.
RippleNet, which is a global payments service offered by Ripple, will allow for payment delivery processes to be improved.
A testing phase has already been held, and the results were positive.
Sellers of goods who used the service to make deposits at Siam Commercial Bank in Thailand received excellent results.
By making the RippleNet-powered Siam Commercial Bank their “preferred banking partner”, these customers were able to drive down the cash receipt time by almost 100% when contrasted with competitors.
In a statement, Mark Frey, who serves as president at Cambridge Global Payments, said that reducing time burdens was a key reason why the move happened.
“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,” he said.
He also highlighted the fact that the new development signifies a geographical expansion for the company.
“By expanding this relationship, we broaden our reach into the Asia-Pacific region, while providing customers the rapid payment delivery they expect,” he added.
On Ripple’s part, a spokesperson there said that the two firms shared an understanding of the fact that it was possible to boost certainty by using blockchain.
Pat Thelen, who is the vice president and managing director for the North America region at Ripple, made the comments in a press statement.
“Ripple and Cambridge understand the importance of blockchain technology to improve cross-border payments for customers and bringing greater certainty into the delivery of cross-border payments,” he said.
“Given today’s realities, adding more technology options is even more critical to ensuring faster payments across the globe,” he added.
Cambridge Global Payments has been in existence for almost three decades, and describes itself as aiming to “address unique business needs”.
Ripple’s star has risen in recent years, and it is now known as a prime example of what blockchain technology can do for the financial sector.
It has nine offices around the world and around 500 workers, and describes itself as aiming to improve worldwide payments structures using blockchain.
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