At the moment, there are lots of news about the partnership between Ripple and a global payment giant – Cambridge Global Payments – that is presently testing one of Ripple’s products, xRapid, for international settlements. The global payment giant processes over $20 billion in B2B cross-border settlements every year, and there has been some information regarding where the firm is using the technology of Ripple.
The First Report of the Partnership
A publication that covers payment systems across the globe – the Nilson Report, published an article that says the global payment giant will first use XRP in Mexico. Other nations in Latin America and Asia-Pacific will follow suit.
The report also detailed how the Toronto-based global payment giant – Cambridge Global, may benefit from the proprietary xRapid technology of Ripple. “The payment firm will test the expansion of its distributed ledger-based processing to include the use of XRP – the digital currency used by the products of Ripple such as xRapid and xCurrent. The XRP ledger software and XRP it functions with are both parts of xRapid – the on-demand liquidity service of Ripple.”
At the moment, firms such as Cambridge need to keep funds in bank accounts in several nations where it does business to execute payments. In any nation in which Ripple can offer instant conversion to fiat currency from XRP and submit into the local ACH network, the clients of Ripple don’t need to keep their money in local banks.
The report is based on interviews with Mark Frey – the chief operating officer of Cambridge and Danny Aranda – Ripple labs Director of Business Development. This partnership will help to increase the adoption of the digital currency as well as its value in the long run.
XRP (XRP) Price Today – XRP / USD
At the time of writing, XRP is trading at $0.4790 after a decrease of 6 percent over the past twenty-four hours, and an increase of 8 percent over the past seven days. The market cap of the digital currency is $18.80 billion and its trading volume over the past twenty-four hours is $354.46 million.