Modulr and Ripple partner to enable seamless payments into the UK and Europe
By Joy Dumasia
Modulr announced a partnership with Ripple, the leader in enterprise blockchain and crypto solutions, to enable seamless payments into the UK and Europe. Trust Payments, the global unified payments group, is the first customer to go live and begin benefiting from the partnership.
Together, the two leading FinTechs will make it easier than ever for Trust Payments to run real-time payments internationally powered by Ripple’s financial technology, RippleNet. With Modulr’s technology, global businesses have an alternative to legacy correspondent banking and can now make payments into the UK and Europe faster, more reliable, and cost-effective.
Since its inception, Modulr has focused on building a seamless Payments-as-a-Service solution into the European and UK payment rails – with access to critical payment infrastructure in the UK, including Faster Payments and Bacs CHAPS, SWIFT and SEPA in Europe. Its access and deep expertise of the European payments landscape made Modulr an ideal partner for Ripple. Moreover, Modulr is one of few non-banks directly connected to the Bank of England, allowing the payments platform to settle funds at the Central Bank.
As the first company to directly benefit from the partnership between Ripple and Modulr, Trust Payments can continue to expand its service and deliver new payment options.
Commenting, Jonathan O’Connor, Chief Commercial Officer of Trust Payments, said: “Trust Payments continues its disruption in payments with the partnership between Modulr and Ripple delivering a new payment option for settlements. We want to ensure we offer merchants alternatives to traditional methods with reduced fees and increased speed of funding to their accounts.”
Sendi Young, Managing Director of RippleNet in Europe, commented: “Ripple is thrilled to partner with Modulr, who has a deep knowledge and expertise of the payments landscape, as well as unrivaled connections to critical payment infrastructure in the UK. Together we look forward to providing faster, simpler cross-border payments experience for customers on RippleNet into the UK and Europe.”
Myles Stephenson, CEO and Founder of Modulr, commented: “We’re excited to partner with Ripple we share the same fundamental goal, which is to make it easy to send and control global business payment flows by removing the hidden inefficiencies plaguing international payments today. This partnership lays the groundwork for even bigger things to come. At Modulr, we’re looking forward to working with Ripple on delivering real-time, price competitive and reliable payments into the UK and Europe, and then globally in the coming months.”
IBSi Daily News Analysis
June 09, 2023
Cross Border Payments
There is no ESG strategy in place for almost half of the European SMEs, study revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage