Currencycloud announces partnership with Ripple to process cross-border payments on RippleNet
Currencycloud to focus on new territories currently under-represented for SMEs, to make global movement of money more efficient
Currencycloud, the global leader in providing embedded B2B cross-border payments for platforms of the future, today announced a partnership with Ripple, the enterprise blockchain solution for global payments. RippleNet, Ripple’s global financial payments network, makes it easy for its diverse network of financial institutions worldwide to enable faster, lower-cost payments around the world.
Globalisation is an opportunity for businesses of all sizes around the world, but traditional banking continues to favour large corporations, at the expense of SMEs. Currencycloud is reimagining the way money flows around the world and as businesses face a global crisis, the need to move money efficiently around the world becomes ever more important.
The partnership with Ripple will allow Currencycloud to explore new mechanisms for moving money efficiently around the world, especially where regulations and limitations restrict opportunities for SMEs. It is expected that Currencycloud will focus on territories where smaller businesses are under-represented, ensuring clients will be able to process local pay-outs and collections in these increasingly important countries.
Mike Laven, CEO at Currencycloud, commented: “Currencycloud is all about bringing clarity, speed and value to the traditionally opaque, costly and time-consuming issues associated with cross-border payments, particularly for SMEs that have historically been under-served by traditional banking. Ripple’s solution will help us to extend our network to new parts of the world, removing more barriers to payments for our clients.”
Further announcements will follow.
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Currencycloud’s technology is unlocking the global economy for payment platforms of the future. Today, Currencycloud has 85 different APIs across four modules – collect, convert, pay and manage – that cover the entire workflow in B2B cross-border payments. The as-a-service platform is proprietary and is fully cloud-based on AWS using Restful APIs. Launched in 2012, Currencycloud is based in London and is regulated in Europe, the U.S. and Canada, and has processed more than $50bn to over 180 countries. Currencycloud works with banks and Fintechs globally including Starling Bank, Standard Bank South Africa and Brookline Bank, as well as partnering with Visa to deliver innovation in travel payments.