- Currencycloud said in a press statement that it would work with blockchain-powered liquidity provider Ripple through its RippleNet platform.
- The company will focus in particular on small to medium-sized businesses in parts of the world where cash transfer services are not yet highly developed.
- “Ripple’s solution will help us to extend our network to new parts of the world, removing more barriers to payments for our clients,” said Currencycloud’s chief executive officer.
International money transfer company Currencycloud has announced a new partnership with the blockchain-based liquidity provider Ripple.
Currencycloud, which has its headquarters in London and operates around the world, said that it would work alongside Ripple in an attempt to improve the efficiency of its cash transfers.
It will use the RippleNet service to achieve this aim, and will now seek to find out exactly how Ripple can provide new methods and routes for cash transfer to its customers.
The company intends to focus specifically on how these tools can benefit small to medium-sized enterprises (SMEs) – and locations in which these sorts of businesses are already at a disadvantage.
According to Mike Laven, who serves as chief executive officer at Currencycloud, the new move will focus on “bringing clarity, speed and value” to payments.
“Currencycloud is all about bringing clarity, speed and value to the traditionally opaque, costly and time-consuming issues associated with cross-border payments, particularly for SMEs that have historically been under-served by traditional banking,” he said.
“Ripple’s solution will help us to extend our network to new parts of the world, removing more barriers to payments for our clients,” he added.
In a press release, Currencycloud shared more information about the backdrop of globalisation and traditional banking that contextualises the move.
“Globalisation is an opportunity for businesses of all sizes around the world, but traditional banking continues to favour large corporations, at the expense of SMEs,” it explained.
“Currencycloud is reimagining the way money flows around the world and as businesses face a global crisis, the need to move money efficiently around the world becomes ever more important,” it added.
The company also gave more details on its commitment to focus the service in those geographical areas in which small firms need better banking options.
“The partnership with Ripple will allow Currencycloud to explore new mechanisms for moving money efficiently around the world, especially where regulations and limitations restrict opportunities for SMEs,” it said.
The company added: “It is expected that Currencycloud will focus on territories where smaller businesses are under-represented, ensuring clients will be able to process local pay-outs and collections in these increasingly important countries.”
The firm concluded its press statement with confirmation that more news on the partnership is to follow.
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