Paydek partners with RippleNet for increased payments offer

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Paydek, a provider of cross-border payments services, has said that it will partner with RippleNet to offer payment transfer options to freelance and on-demand workers.
  • The target markets for the arrangements will be Africa and Latin America.
  • “Our two new connections with Ripple in Africa and Latin America marks another milestone in building additional local payment rails and the payment technology infrastructure for our clients and partners,” said a senior spokesperson for Paydek.

RippleNet, one of the world’s premier blockchain-based global payments networks, has confirmed that it will expand into Africa and Latin America.

The company said that it had paired up with London-based cross-border payments firm Paydek.

Paydek works with both individual and corporate customers.

However, the target market for this arrangement will be freelance and on-demand workers.

They will now be able to send instant cross-border payments using RippleNet and Paydek’s combined offer.

Paydek and Ripple originally focused on the African market but has since expanded into Latin America.

This occurred as a result of the partnership between Paydek and Localpayment.

Paydek offers a wide variety of services to its clients, including debit cards and prepaid cards.

It also offers dedicated IBAN accounts and other major financial solutions.

In a statement, Paydek’s managing director said that the collaborations meant that payment rails would be improved in the target markets.

Terry Hopkinson said that the new arrangement marked a “milestone” for the firms.

“Our two new connections with Ripple in Africa and Latin America marks another milestone in building additional local payment rails and the payment technology infrastructure for our clients and partners,” he said.

He added that clients were looking for the sort of financial stability that his firm could offer.

“The ability to provide fast payment delivery and a broad array of payment options is vital to our clients’ financial stability.”

A senior figure at Ripple said that expansion of blockchain technology held a lot of power when it comes to cross-border payments.

Sendi Young, who is managing director of RippleNet Europe, said that the new arrangement would allow Paydek’s customers to be better served.

“Expanding RippleNet to better serve Paydek’s customers is a testament to the power of blockchain technology to significantly transform global payments,” she said.

She went on to say that innovation was vital to enhancing the cross-border payments market in the relevant regions and that the new collaboration was an example of this in action.

“Through Paydek, Ripple is strengthening its presence in Africa and Latin America to drive innovation in digital remittances, in regions where faster payments are crucial to people’s livelihoods,” she explained.

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