Fleetcor, the Workforce and fleet payment provider, is set to trial with Ripple’s xRapid product which utilizes its custom XRP cryptocurrency. Fleetcor is aiming to use xRapid on a new cross-border payments platform.
Last year, Fleetcor acquired Cambridge Global Payments, a New-York based financial consultant. They were already a Ripple client since early 2017 and were invested in xCurrent, another one of Ripple’s products. And now along with Fleetcor, Cambridge will also be a part of this new partnership with Ripple.
With this xRapid trial, Cambridge will use XRP in its payment flows via the XRP ledger blockchain. As mentioned earlier, Cambridge was previously using xCurrent which is an enterprise level software used for financial messaging between banks and payment provider.
So naturally, adopting xRapid, a Ripple product which uses its native cryptocurrency to provide financial institutions with real-time liquidity, seemed like the next logical step. Ripple business development director Danny Aranda came forward and made a statement regarding the efficiency of blockchains and cryptocurrency:
“We’re focused on working with partners like Cambridge that understand the benefits of digital assets and are serious about using XRP to overcome the inefficiencies in the global payment system.”
As we can see, more and more organization are welcoming in Ripple and xRapid into their workflow. Just a month ago telecom provider IDT, payment provider Mercury, and money transfer company MoneyGram, all signed on to pilot xRapid.
Also, other companies like Cualix, a Mexican financial service company has been using XRP as an alternative since last year. They noted that the liquidity which they get via xRapid helps them to process some direct payments between the U.S. and other southern countries with speed and affordability.
And if we are to exclude XRP from the mix, then an innumerable number of companies have sighted benefits using Ripple’s blockchain technology to aid with cross-border transactions. In fact, China-based LianLian, and the UK side of Santander Bank have all signed on to pilot xCurrent.