Global payment system Fleetcor and cryptocurrency Ripple (XRP) have struck a deal to work together, making it the latest payment provider to test Ripple’s xRapid service, which uses XRP.
Fleetcor-owned Cambridge Global Payments, a Canadian financial consultancy, will play a role in the partnership.
Cambridge currently processes over $20 billion in commercial cross-border payments annually.
Fleetcor is one of the principal global commercial payment solutions. It helps 13,000 business clients make international payments to employees and suppliers.
“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 Mark Frey, chief operating officer of Cambridge Global Payments.
“We strive to deliver best-in-class cross-border payments services, with speed and transparency. We look forward to exploring how Ripple can help us continue to improve the customer experience using new technology.”
Danny Aranda, Ripple director of business development, said the crypto developer is working to create new efficiencies in global payments.
“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 Aranda.
“We look forward to collaborating with Cambridge during this pilot to enhance the speed and transparency of cross-border payments for their clients.”
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xRapid recently announced other high profile business partnerships. Payments provider Mercury and telecom operator IDT have also agreed to test xRapid.
Moneygram, the international money transfer service, declared shortly afterward that it would be testing xRapid’s efficiency and speed when it came to international payments.
As it stands now, companies testing xRapid will need to use pre-funded bank accounts, distributed through various countries, in order to expedite these transactions.
A financial services company in Mexico, Cuallix, has been using XRP since last year.
Cuallix announced through a blog post that the liquidity provided by xRapid helps Cuallix process direct payments between the U.S. and Mexico more efficiently and more cheaply.
Other companies have signed on with Ripple, using its blockchain technology stacks (though not XRP) to help with cross-border transactions.
These companies are the UK branch of Spain’s Santander Bank, the Abu Dhabi based UAE Exchange, and China-based LianLian.
