In a tweet on 1st March, Ripple announced that Cambridge Global Payments will start using XRP to offer its 13,000+ customers faster, cheaper and more transparent cross border payments.
Cambridge currently has over 13,000 clients around the world and handles $20 billion in international transactions annually. Incorporating XRP in those flows will provide their clients with a cross-border payments experience that is significantly faster, cheaper and more transparent,
-Read part of the press release. The xRapid project is also being piloted by other financial institutions like Cuallix, MoneyGram, IDT Corporation, Mercury FX and Western Union. In addition, the institutions are also exploring xCurrent, Ripple’s enterprise software, which is used for messaging and global transaction settlements. It is currently being used by more than 100 financial institutions.
Enhancement of Customer Experience
The press release says that Cambridge aims to use xRapid to enhance the customer experience. Cambridge works with different businesses in facilitating crucial and secure payments for fuel, toll, lodging and general payables using its own payment networks in North America, Latin America, Europe and Australasia. The payment network allows customers to enjoy a streamlined experience and with the partnership, Cambridge will provide an enhanced experience for its customers.
We are confident that blockchain powered solutions like xRapid will not only help Cambridge enhance customer’s payment journey, but also spur crucial innovation for their businesses,
-Said Mark Frey, Cambridge’s Chief Operating Officer.
According to Frey, the partnership will help Cambridge to use the information and experience gained to develop their own blockchain-based international payment program.
“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 Frey.
Ripple’s director of business development, Danny Aranda, believes that the partnership with Cambridge will open doors for others. “Partners like Cambridge recognize the revolutionary potential using XRP has for financial institutions and this is just a start as others will come on board,” he said.
Do you think the partnership between Cambridge and Ripple will enhance the customer experience? Give us your feedback in the comments section.