Payments Provider Fleetcor Taps at the XRP for Cryptocurrency Pilot of Ripple
Major workforce and swift payments provider Fleetcor will use Ripple's native cryptocurrency XRP in a cross-border payments trial.
Fleetcor, through its recently acquired B2B global payments provider Cambridge, is the latest company customer to pilot xRapid, a Ripple product which uses its native XRP cryptocurrency to enable financial institutions with real-time liquidity. With more than 13,000 business clients Cambridge procedures some $20 billion in annual payments.
The xRapid pilot will see Cambridge use XRP in its own payment flows with the XRP Ledger blockchain.
Cambridge is now the sixth financial services firm to pilot xRapid, joining the likes of MoneyGram and Western Union. A little over a month ago, Ripple inked deals with IDT and MercuryFX to pilot xRapid to prove its low-cost liquidity in real-time payments as an alternative to conventional nostro accounts. Shortly after, MoneyGram — the world's second-largest money transfer provider — also started its pilot of the identical product. Earlier this month, Ripple confirmed that Western Union had started testing XRP in its own payment flows.
In utilizing a cryptographic token over a blockchain underlining the efficiency, Ripple business development director Danny Aranda said:
«We're focused on working together with partners such as Cambridge that understand the advantages of digital assets and are seriously interested in using XRP to overcome the inefficiencies in the international payment system.»
Other major use cases of Ripple's blockchain products visit Spanish banking giant Santander gearing a roll-out of a personal payments app for retail clients, due to go live in Spain, Brazil, the United Kingdom and Poland before the end of March. Using xCurrent, Santander says its retail customers from those countries will be able to facilitate payments in «3 clicks and 40 seconds». Latin America's largest bank Unibanco, Middle East remittance giant UAE Exchange and China's LianLian have all partnered Ripple lately for cross-border payments within the San Francisco-based startup's blockchain tech.
Another noteworthy endeavor sees Saudi Arabia's central bank piloting xCurrent one of several regional banks domestically.