As reported by Street Insider, blockchain decacorn Ripple has landed another big payments giant as a customer. Cambridge Global Payments has inked a partnership deal with Ripple and will join RippleNet to speed its transnational payments.
In 2018, the company started a pilot program for using Ripple's XRP and xRapid (now rebranded as On-Demand Liquidity). Now, the partnership has been launched.
Cambridge starts using RippleNet
Cambridge Global Payments is a renowned provider of transnational payment solutions related to currency risk management.
Today, Oct. 14, the company spread the word about its partnership with the tech giant Ripple in order to provide transnational payments to its B2B clients.
It intends to optimize delivery of payments by using RippleNet—the global payment network built by Ripple, which has been joined by over 350 customers already.
When Ripple and Cambridge ran trials of RippleNet-based payments, vendors who used another Ripple Customer, Siam Commercial Bank, as a partner, had their deposits delivered with a substantial reduction in time: 99 percent.
Other providers delivered deposits to banks within about two days.
Looking to expand via RippleNet
Apart from that, Cambridge Global Payments displayed increased transparency during the payment process. At the moment, the company is considering adding other countries and local currencies that can be sent via RippleNet.
As per the president of the company, Mark Frey, the deal with Ripple allows Cambridge to expand its presence in the APAC region.