back Back

Cambridge Global Payments partners with Ripple to speed cross-border payments

By Pavithra R

October 15, 2020

  • Cambridge Global Payments
  • Canada
  • Ripple
Share

Cambridge Global Payments partners with RippleCambridge 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.

Previous Article

October 15, 2020

Contis teams up with UK FinTech Ordo to simplify business payments

Read More
Next Article

October 15, 2020

Judo Bank selects nCino’s cloud solution to help Australian SMEs

Read More







Advertise with us



IBSi Daily News Analysis

Fintech

July 06, 2022

Cambridge Global Payments

As cost-of-living crisis bites, how can financial services support their customers?

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 06, 2022

Chip enhances savings experience with TrueLayer Payments

Read More

July 06, 2022

Seedrs selects Form3 and LHV UK to support instant and faster payments

Read More

July 06, 2022

Fable Fintech forays into Bahrain with Batelco Financial Services

Read More

Related Reports

Sales League Table Report 2022

£ 1,500.00 / year

Know More
Global Digital Banking Vendor and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q1 2022

£ 1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Treasury and Capital Markets Systems Report 2021

£ 1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022