Currencycloud to process cross-border payments on RippleNet
By Sunniva Kolostyak
Payments provider Currencycloud has partnered with Ripple, announcing it will process cross-border payments on global financial payments network RippleNet.
With the partnership, Currencycloud, which delivers embedded B2B cross-border payments for a number of banks and FinTechs, will focus on new territories currently under-represented for small and medium-sized enterprises.
This, it said, is in order to make global movement of money more efficient, as RippleNet makes it easy for its financial institutions worldwide to enable faster, lower-cost payments around the world.
The Ripple partnership will also allow Currencycloud to look into other mechanisms for money movement, particularly in areas with restricted SME opportunities.
In its statement, Currencucloud said it will ensure clients will be able to process local pay-outs and collections in these increasingly important countries.
“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,” Mike Laven, CEO at Currencycloud, said.
“Ripple’s solution will help us to extend our network to new parts of the world, removing more barriers to payments for our clients.”
The partnership with Ripple follows the announcement that Currencycloud became one of the first non-banks to launch an API for payments tracking. The SWIFT gpi API tracks payments as it is moved between parties and is able to identify where it may have failed in seconds, removing the need for further investigation or to contact a banking partner. Clients can also pass the service onwards to their own customers enabling them to track their own payments.
Currencycloud noted that globalisation should be an opportunity for businesses of all sizes around the world, but traditional banking continues to favour large corporations, at the expense of SMEs. With the current global crisis, the need to move money efficiently around the world becomes ever more important, the FinTech said.
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