Cambridge Global Payments partners with Ripple to speed cross-border payments
By Pavithra R
Cambridge Global Payments, a FLEETCOR company providing integrated cross-border payments and currency risk management solutions has announced the commercial launch of its partnership with Ripple, an enterprise blockchain solutions for payments, to deliver cross-border payment solutions to B2B customers.
The collaboration will optimize payment delivery using RippleNet, Ripple’s global payments network. A recent study from Juniper Research revealed that the total value of B2B cross-border payments is expected to soar up to $35T USD in 2022 from a COVID-related low of USD $27T in 2020. Traditional global payments systems involve many intermediaries which makes it slow and has a higher margin for error. New technologies like RippleNet that can reduce lag-time are considered critical to tapping the growing cross-border SME B2B payments market.
“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. By expanding this relationship, we broaden our reach into the Asia-Pacific region, while providing customers the rapid payment delivery they expect,” said Mark Frey, President, Cambridge Global Payments.
During the pilot phase of the partnership, deposits to vendors who used Siam Commercial Bank as preferred banking partner saw a 99% reduction in time to payout with RippleNet compared with other providers, a significant drop from the current average of two days.
Cambridge also experienced a higher level of transparency and certainty throughout the payment process. The company is exploring additional countries and currencies that can benefit from access to RippleNet.
“Ripple and Cambridge understand the importance of blockchain technology to improve cross-border payments for customers and bringing greater certainty into the delivery of cross-border payments. Given today’s realities, adding more technology options is even more critical to ensuring faster payments across the globe,” said Pat Thelen, VP, North America Managing Director at Ripple.
Recently, Ripple introduced Line of Credit; a beta service to fund instant cross-border payments.
Established since 1992, Cambridge provides global payment and risk management solutions designed to meet unique business needs. The company delivers innovative solutions designed to mitigate foreign exchange exposure and address unique business needs.
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December 01, 2023
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