Ripple has been trying to expand its business by teaming up with a lot of prominent firms. Cambridge Global Payments, one of the leading global payment providers, has recently announced its partnership with Ripple.
The partnership will prove to be extremely beneficial for Ripple due to its commitments to create a complete network with banks and the financial firms. It will also help the firm in its goal to expand globally. The global payment provider will utilize the technology of payment protocol to make instant international payments.
The technology used by most financial institutions like Cambridge Global Payments is quite slow in terms of the global standard requirements to process an international payment. Hence, a partnership with Ripple is going to completely improve the process of doing international payments.
It is also revealed that the firm has formed this partnership to create a cross-border payment solution for B2B customers. This solution will be based on the global payments network of Ripple, RippleNet.
The firm has revealed that in the pilot phase of this partnership, a reduction of around 99% in the transaction time is noticed as compared to other banking partners. This pilot phase came out to be a huge success for both the firms. Both are aiming to provide such great facilities to their customers.
Both Ripple and Cambridge Global Payments are very well aware of the benefits and importance of blockchain technology in order to revolutionize cross-border payments. According to the announcement by Ripple, Cambridge had been exploring different countries and currencies. With this partnership, RippleNet is going to be of great help for the firm in achieving its goals. Now there will not be any room for delays as with Ripple there will be faster and cheaper transfers.