The international payment processing company Cambridge Global Payments (CambridgeFx) has teamed up with Ripple to use its blockchain in order to adopt its xRapid liquidity promotion technology to promote a fast and efficient form of payment processing worldwide.
Ripple currently provides 3 technological solutions for those companies oriented to the exchange of financial assets: xRapid which is used as a source of liquidity, xCurrent which is oriented to a bilateral processing of payments and xVia which focuses exclusively on sending money. They all run on the company’s centralized blockchain platform using its XRP token as a means of value transmission.
Cambridge Global Payments is confident that the use of blockchain technologies is the best option to facilitate payments quickly and reliably internationally. According to Mark Frey, chief operating officer for Cambridge Global Payments, Ripple is a fundamental ally with a high potential that could be key to help them fulfill their vision of quality and expansion, helping to provide the best possible user experience:
“We strive to deliver best-in-class cross-border payments services, with speed and transparency. We look forward to exploring how Ripple can help us continue to improve the customer experience using new technology”
With this partnership, Cambridge Global Payments joins a group of payment service providers that have migrated to the use of blockchain technologies under Ripple’s support. These include Cuallix, MoneyGram, IDT Corporation, Mercury FX and Western Union.
Ripple’s director of business development, Danny Aranda, believes strongly in Ripple’s potential to empower the payment processing industry. When asked about his opinion on the agreement with CambridgeFx, he mentioned
“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 (…) We look forward to collaborating with Cambridge during this pilot to enhance the speed and transparency of cross-border payments for their clients.”
Cambridge works with businesses across North America, Latin America, Europe and Australasia, providing advice and money transfer and payment processing mechanisms for raw materials, fuel, toll, lodging, and general payables.