Ripple is teaming up with UK-based fintech giant to set up fast payments for businesses in the UK and Europe

By Selena On Feb 3, 2022

According to Business Wire, a San Francisco-based blockchain service provider, Ripple has signed a strategic partnership with Modulr, a major UK payment solutions provider.

Ripple partners with fintech giant modulr to bring seamless payments to UK and EU

Together, they plan to establish a seamless payment system for retail businesses and users in the UK and Europe.

In addition to announcing its partnership with Ripple, Modulr also spread that Trust Payments, a global business that provides payments worldwide, will be the first payment provider to start using the tokens of this partnership. It will now expand its services and offer new payment instruments to its customers.

The Ripple and Modulr partnership will help companies, such as Trust Payments improve their cross-border payment systems thanks to the RippleNet DLT platform provided by Ripple, making them cheaper and faster.

Moduler provides Payments as a Service platform service to businesses operating in the UK and Europe. Among its clients are SWIFT, SEPA, Bacs CHAPS, etc… Besides, the company directly connects with the Bank of England, thus helping its customers pay there.

While commenting on the new partnership, Sendi Young of Ripple, head of RippleNet in Europe, mentioned Modulr as having a solid payment infrastructure in the UK and room for expansion. RippleNet includes more companies and customers with it.

Previously, 2021 proved to be the most successful year for Ripple to date, despite the lawsuit against the SEC and its aftermath. Last year, the fintech giant saw a more than double increase in RippleNet-based remittances and the speed at which payment volumes exceeded a whopping $10 billion.

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