Western Union and Cambridge Piloting Ripple Services

The sky is blue, the Earth is round, and Ripple has added more partners to its portfolio.

Say that statement every week, and it seems that all three parts of it will hold true almost all of the time.

Following its bullish pace in forming corporate alliances with firms such as MoneyGram and Santander, Ripple has just added two of the biggest names in payment transfers to its rapidly growing list of partners.

It was recently announced by the company that Cambridge Global Payments, a worldwide payment solutions provider and subsidiary of FLEETCOR Technologies, and Western Union Money Transfer, a global payment transfer service that is a brand in emerging markets, will be piloting the use of Ripple’s cryptocurrency (XRP) for cross-border payment transfers.

To execute the pilot operations, the companies will be using xRapid, Ripple’s low-cost enterprise liquidity solution which leverages Ripple’s XRP.

xRapid uses XRP as a source of liquidity to facilitate international payments between countries all over the world, regardless of their intended fiat. By the utilization of this blockchain powered technology, the company aims to enhance the effectiveness of cross-border payments by cutting their processing times and lowering the overall costs of payment transfer operations by the usage of XRP, which does not only benefit the companies and banks in question but will eventually help their customers with lower costs as well.

It was further mentioned that the companies will not just stop at xRapid but will also look into xCurrent, Ripple’s other solution that does not utilize XRP but still provides blockchain based services for financial institutions to facilitate their international money transfer services.

Western Union’s confirmation came in the form of a telephonic confirmation during the 2017 Q4 earnings call by CEO Hikmet Ersek; whereas, the confirmation for Cambridge’s collaboration came through an official statement.

Mentioning the collaboration, CEO of Cambridge, Mark Frey, mentioned that the information obtained from the pilot program would be used by Cambridge and its parent company FLEETCOR to analyze use cases of blockchain for their payment solutions.

What does it mean for Ripple?

While cryptocurrencies have fluctuated in value in the last few weeks, these corporate partnerships that Ripple has been forming as of late go a long way in defining it as the primary solutions provider for payment transfers all over the world – which is an objective that Ripple has been trying to achieve ever since it came to surface.

One of Ripple’s intended uses of XRP was for it to be the go-to cryptocurrency for international, cross-border payments, and while achieving that ambitious milestone would have taken more than a couple of years with conventional user adoption, it seems that Ripple has found a way to attain that objective through its corporate customers, most of whom bring hundreds of thousands of customers on board to use XRP in an indirect manner.

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By | 2018-06-13T16:15:18+00:00 March 6th, 2018|Cryptocurrency News|0 Comments

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