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In a major announcement disclosed on Twitter, cross-border payment solutions organization Cambridge Global Payments announced its partnership with one of the leading crypto payments network Ripple. Now Cambridge will use RippleNet to bring in growth as well as expansion in its payment delivery system into the Asia-Pacific markets.
In its partnership with Ripple, the enterprise blockchain solution for global payments \will help the firm to smoothen its cross-border payment solutions, especially to the B2B customers. The newly bred partnership between Ripple and Cambridge will help in the optimization of payment delivery with the help of RippleNet, a part of Ripple’s global payments network.
Cambridge has further notified that it has already finished a pilot phase of the partnership. The result of which offered a lot more transparency and certainty throughout the payment processes. During the pilot phase of the active partnership, the deposits to vendors who actually preferred the banking partner Siam Commercial Bank witnessed a 99% decrease in time to payout with RippleNet compared to other providers. This is easily recorded as a noteworthy and significant drop from the present average in just 2 days.
It further stated that RippleNet would also reduce the lag-time and this is a necessary move to be able to become involved in the business of cross-border payments and tap the cross-border SME B2B payments market.
Mark Frey, the President of the global payment systems said in a statement:
“We entered into the relationship with Ripple because it presented Cambridge a great opportunity to use distributed ledger technology to reduce the amount of time it takes for customers to pay their overseas vendors.”
The other top leadership from Cambridge, VP, North America, and Managing director at Ripple, Pat Theler said that the partnership had also stressed the rising importance of blockchain technology solutions for various troubles especially to allow faster cross-border payments across the globe.
In one of the studies by Juniper Research, it was detected that blockchain networks have the potential of disrupting the payment scenario. If it is deployed for the existing payment types, there is a possibility that the total value of B2B cross-border payments would reach $35 trillion by 2022. A majority of this is said to be due to the COVID-19 pandemic related downslide of $27 trillion. But one thing that can be estimated is that the economic repercussions of the pandemic could increase 2019 cross-border values by 2022.
Apart from RippleNet, the research also went on to state that the Visa B2B Connect would also be an important part that will determine the growth of cross-border payments.
Ripple was in the news last week also when it announced its new service called the Line Of Credit. This is available to RippleNet customers who can now utilize the network’s on-demand liquidity (ODL) to source capital and also initiate payments using XRP. The new service has been initiated in the organization as it would go a long in simplifying access to financial solutions bringing about growth in business performance.