Commercial payment solutions provider, FLEETCOR Technologies is launching a pilot program with enterprise blockchain, Ripple and Cambridge Global Payments, the FLEETCOR-owned B2B international payments provider, according to a statement released on Thursday. The pilot aims to explore the use of Ripple’s cryptocurrency, XRP, to enhance the efficiency of international payments.
Cambridge processes over USD 20 billion in B2B cross-border payments annually, helping 13,000 business clients make international currency transfers to suppliers and employees. It serves businesses of all sizes in North America, Latin America, Europe, and Australasia, according to the company’s statement. Under the agreement with Ripple, Cambridge will pilot the use of XRP through xRapid, Ripple’s solution for on-demand liquidity.
“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 Danny Aranda, Director, Business Development at Ripple, in a statement. “We look forward to collaborating with Cambridge during this pilot to enhance the speed and transparency of cross-border payments for their clients.”
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, said the statement.
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, in a statement.
With offices in San Francisco, New York, London, Luxembourg, Mumbai, Singapore and Sydney, Ripple serves more than 100 financial instituations around the world, according to its statement.