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Ripple and FLEETCOR Team Up to Modernize Payments

Pair On Cross-Border Payments

Ripple and FLEETCOR Team Up to Modernize Payments

The leading global fleet payments provider, Fleetcor Technologies announced on Thursday that it has launched a pilot program with Ripple and Cambridge Global Payments.

The New York-based Cambridge Global Payments is an international B2B payment provider that was acquired by Fleetcor last year. Cambridge is already a Ripple client that largely uses Ripple’s xCurrent payment solution.

Under the terms of the deal, Cambridge will use Ripple’s xRapid product, strengthening the Cambridge Global Payments and Ripple.

“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, 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.”

A wide range of financial companies and banks are testing Ripple’s blockchain technology to power cross-border transactions using its payment solutions.

Just last month telecom provider DIT and payments provider Mercury signed to test Ripple’s xRapid solution for money transferring. Moreover, major financial firm MoneyGram also confirmed that it was piloting the xRapid solution to power cross-border payments.

A Mexican financial service, Caullix, which has been using xRapid for a year now said in a recent blog post that the liquidity provided by the solution has enabled the platform to process payments between U.S and Mexico at a much faster and cheaper rate.

A lot of financial institutions have also signed to pilot the use of Ripple’s xCurrent payment product that unlike xRapid does not use XRP for cross-border payments. Earlier in February, the Abu Dhabi-based UAE Exchange, Chinese payment provider LianLain and the Saudi Arabian Monetary Authority struck a deal with Ripple to use its xCurrent product.

Ripple claims to have more than 100 clients all around the world.

Also Read: U.S. Federal Reserve might accept Ripple

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