PYMNTS.com

Currencycloud, which works in global B2B cross-border payments, will be working with enterprise blockchain solution Ripple on new solutions for fast global payments, a press release says.

Ripple, with its worldwide RippleNet network, will be an opportune way for Currencycloud to reach more financial institutions.

The press release says Currencycloud recognizes the need for fast, secure payments during the global crisis. Globalization, the release notes, is usually easier for the bigger traditional banks. But Currencycloud and Ripple want to change that with their partnership, which will most likely focus on areas of the world where smaller businesses aren’t awarded the same kind of representation.

In that event, the release says the partnership will focus on allowing those small businesses to process local payouts and collections.

Ripple has been working on expanding its cross-border work. Last year, RippleNet reached over 200 subscribers to its network. Ripple’s goal is to establish a blockchain-based, much faster settlement time for payments, as opposed to having them go through an older system like that of SWIFT.

But the long-term viability of the strategy, PYMNTS notes, will depend on faith in cryptocurrency, a sometimes-volatile form that has only recently begun to enter the mainstream.

Currencycloud chief executive Mike Laven said the idea was based on “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.”

“Ripple’s solution will help us to extend our network to new parts of the world, removing more barriers to payments for our clients,” he said, according to the release.

Currencycloud also recently partnered with FinTech firm Derivative Path in order to provide banks with more of a full-scale, end-to-end solution for B2B payments. In that instance, the platform, called DerivativeEDGE, allowed users a full front-end and back-end experience all in one app, and included an app for hedge accounting.

Derivative Path CEO and co-founder Pradeep Bhatia said the agreement would be useful for banks in need of a platform for FX and payments management.

——————————

PYMNTS STUDY: THE CROSS-BORDER MERCHANT FRICTION INDEX – JUNE 2020

The PYMNTS Cross-Border Merchant Friction Index analyzes the key friction points experienced by consumers browsing, shopping and paying for purchases on international eCommerce sites. PYMNTS examined the checkout processes of 266 B2B and B2C eCommerce sites across 12 industries and operating from locations across Europe and the United States to provide a comprehensive overview of their checkout offerings.

(Excerpt) Read more Here | 2020-07-05 21:40:20
Image credit: source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.