Together, they intend to set up a system of seamless payments in the United Kingdom and Europe for enterprises and retail users.
Ripple to improve payment systems in U.K. and EU
Apart from announcing its collaboration with Ripple, Modulr spread the word that Trust Payments, a global enterprise that provides payments around the world, is going to be the first payment provider to start using the benefits of this partnership. It will now be expanding its services and offering new payment tools to its clients.
Ripple and Modulr's collaboration will help companies, such as Trust Payments, to improve its cross-border system of payments thanks to Ripple-powered DLT platform RippleNet, making them cheaper and faster.
Modulr offers its Payments as a Service platform's services to businesses located and operating in the U.K. and Europe. Among its customers are SWIFT, SEPA, Bacs CHAPS, etc. Besides, the company has direct a connection to the Bank of England, thus helping its customers to settle funds there.
While commenting on the new partnership, Ripple's Sendi Young, head of RippleNet in Europe, mentioned Modulr as having as strong U.K.-based payment infrastructure and a chance to expand RippleNet, covering more companies and clients with it.
The finest year for Ripple so far
As reported by U.Today previously, 2021 proved to be the most successful year for Ripple so far, despite the lawsuit against the SEC and its consequences.
Last year, the fintech giant saw a rise by more than double of RippleNet-based transfers, and the payment volume run rate exceeded a whopping $10 billion.