Cambridge Global Payments — a subsidiary of FLEETCOR Technologies and a leading global provider of commercial payment solutions — is launching a pilot program to use XRP in cross-border payment flows through xRapid.
Cambridge currently has over 13,000 clients around the world and handles $20 billion in international transactions annually. Incorporating XRP in those flows will provide their clients with a cross-border payments experience that is significantly faster, cheaper and more transparent.
Cambridge joins five major financial institutions who 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 enterprise software for messaging and international transaction settlement currently used by over 100 financial institutions.
Cambridge looks to use xRapid to improve their customer experience
Cambridge works with businesses, large and small, to facilitate critical and secure payments for fuel, toll, lodging, and general payables through its own proprietary payment networks in North America, Latin America, Europe and Australasia.
These international payment flows allow for a streamlined experience for customers who depend on Cambridge to ensure their businesses stay healthy and expand. With xRapid, Cambridge aims to provide an even better experience for those customers.
Mark Frey, chief operating officer for Cambridge Global Payments, is confident that blockchain powered solutions like xRapid can not only help Cambridge improve their customers’ payments journey, but also spur critical innovation in their industry.
“We are excited for the insights this pilot program is expected to deliver, and we will use that information to help both Cambridge and FLEETCOR develop our use cases for blockchain in international payments,” said Frey.
“We strive to deliver best-in-class cross-border payments services, with speed and transparency. We look forward to exploring how Ripple can help us continue to improve the customer experience using new technology.”
Continued adoption of digital assets will revolutionize cross-border payments
As Cambridge and more financial institutions begin to use xRapid to source liquidity, capital locked up around the world required in today’s fractured system for international payments can become available and put to use in new ways.
Ripple’s director of business development, Danny Aranda, believes that partners like Cambridge recognize the revolutionary potential using XRP has for financial institutions.
“We’re focused on working with partners like Cambridge that understand the benefits of digital assets and are serious about using XRP to overcome the inefficiencies in the global payment system,” said Aranda. “We look forward to collaborating with Cambridge during this pilot to enhance the speed and transparency of cross-border payments for their clients.”
The efficiency of cheaper and on-demand international payments using digital assets like XRP together with the release of dormant capital, is an important step forward toward Ripple’s mission of establishing an Internet of Value, where money can move like information