Earlier this year, Ripple announced that Cambridge FX, a subsidiary of FLEETCOR has been testing xCurrent to leverage the technology for cross-border payments. Recently, Mark Frey, Chief Operating Officer, spoke about utilizing the technology to provide a better experience for their clients.
As stated in their original press release concerning the matter, Cambridge believes that reducing transaction costs and speed will not be possible for “any legacy systems” to do so. Mark echoed this concern, saying:
“Blockchain in particular is an interesting technology, [it is] another means by which we can transmit info and make payments around the world…We’ve all leveraged Swift to make wire payments around the world, while there is innovation happening there and that technology rail is improving, new features and benefits that are coming out, the pace of change is relatively slow.”
The company, which processes over $25 billion in cross-border payments annually is focusing on building connections within the country by clearing networks.
They also plan to leverage blockchain to make cross-border payments as seamless and as frictionless as they can. It is interesting to note that they are not just testing xCurrent, but also Ripple’s other products. They stated:
“Cambridge will test expansion of its blockchain-based processing to include the use of XRP, Ripple’s digital asset (cryptocurrency). XRP and the XRP Ledger software it works with are both part of xRapid, Ripple’s on-demand liquidity service.”
Frey went on to state that “evolutionary change is happening, that we can see in real and tangible ways”. He also stated that they were experimenting with technology that can move money in “minutes or less than an hour”. He furthermore said:
“In a matter of months we can move money instantaneously in a frictionless format, it’s going to take a long time to replace the current system, but its already beginning to happen. We will see technology in different constructs.”
Frey stated that “this is where we want to be, at the forefront of innovation”. He went on to stated that they will choose the product most suitable for their clients, as they are a “client-centric business”. He said that Cambridge will “test tech and leverage them for our clients.”
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Facebook’s entry a positive signal to blockchain & crypto markets, claims Ripple’s Brad Garlinghouse
As the influx of new players into the crypto-ecosystem grows, the industry has come a long way from its inception a decade ago. The industry has forced mainstream institutions such as Facebook and JP Morgan to join the race. While the world speculates on Facebook’s next move as a global power, in-house competitor Ripple is on a partnership spree to ensure a comfortable XRP market.
To clear out the FUD, Ripple CEO Brad Garlinghouse discussed the intent and roadmap behind the recent MoneyGram-Ripple partnership. While enabling XRP-powered money transfer services, Ripple’s $30 million investment seems to be part of a game plan for increased adoption.
Garlinghouse shared his optimism for the move after his company’s beta network recently matched Western Union’s performance for cross-border payments. Further, he is certain about Ripple’s ability to improve MoneyGram’s infrastructure by eliminating the traditional pre-funding process. Garlinghouse added,
“Our (Ripple’s) product allows companies to avoid pre-funds and just shoot the payments in real time. That’s a massive savings in terms of efficiency and capital costs.”
As a result of this partnership, Ripple will hold a 6% – 10% share in MoneyGram, helping the crypto giant’s vision to enable mass adoption. Further, the CEO correlated the development with the company’s ultimate roadmap. He said,
“We will continue to build out and expand the number of corridors. We work with over 200 banks and financial institutions today.”
Garlinghouse also shared Ripple’s contributions toward enabling liquidity in the Mexican and Philippines market. Although the XRP market stands as one of the biggest disruptors in the cryptospace, Garlinghouse applauded Facebook’s recent Libra initiative. He commented,
“It’s incredibly positive signal to the overall blockchain and crypto market to have a player like Facebook leaning in.”
While a positive sign for the crypto-market, it will be interesting to see the direction Facebook’s crypto-initiative takes, which is currently speculated to be pointing toward a consumer-oriented payment system.
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