Visa partner Currencycloud is now working with Ripple to expand their B2B cross-border payments platform

By Selena On Jul 4, 2020

Small and medium-sized businesses always receive poor conditions from banks and often have to pay disproportionately high fees to conduct cross-border transfers. To help smaller businesses, CurrencyCloud, the world’s leading cross-border B2B payment provider, has partnered with Ripple.

CurrencyCloud offers more than 85 different APIs needed to process cross-border payments cost-effectively. To date, more than 71 countries worldwide can be served. The company plans to expand further, especially in Asia, in cooperation with Ripple.

Globalisation is an opportunity for businesses of all sizes, but traditional banking continues to favour large corporations.

Mike Laven says of the @Ripple partnership, “Ripple’s solution will help us to extend our network to new parts of the world…”https://t.co/DBsJ1oI6Zq

— Currencycloud (@Currencycloud) July 2, 2020

Ripple has signed another partner on to RippleNet – B2B payments sector Currencycloud

This partnership will provide Currencycloud access to RippleNet, allowing it to process near real-time cross-border transactions at a low cost. Currencycloud will focus primarily on areas where conditions for small businesses are poor.

Mike Laven, CEO of CurrencyCloud, alternate how SMEs have a poor standing with banks:

“Currencycloud is all about 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.”

Ripple’s payment network will help MoneyCloud further expand its presence around the globe and overcome existing barriers and obstacles, especially for international transfers. Ripple has recently shifted its business focus from large payments to low volume private transactions to meet the growing demand from the small and medium business sector.

Ripple’s effort promotes the adaptation of XRP and cryptocurrencies

In March of this year, XRPL Labs launched the XUMM banking application, which provides the same functionality as a traditional bank account. It allows you to receive, send, and manage transactions. It is also possible to issue digital checks that the recipient may accept at a later date.

Ripple has also partnered with the Open Payment Alliance to introduce PayID, a new universal payment identifier. PayID makes the account number long and remembers the transaction ID of the past since each account number is replaced with a short unique identifier. This prevents errors when sending and receiving transactions.

Earlier today, Leonidas Hadjiloizou, researcher and XRP enthusiast, shared that Ripple had updated the page on its official website with its list of customers.

Ripple updated the customers page. Now includes more customers including newly announced Lulu Exchange. This is only 10% of the 350 customers. At XRParcade’s Ripple ecosystem you can see more companies but always have in mind that some of them were tests.https://t.co/FAi6JP3ZPi pic.twitter.com/EYwm0qPQVr

— Leonidas Hadjiloizou (@LeoHadjiloizou) July 2, 2020

Hadjiloizou emphasized that the list now includes 350 customers, including some companies that were added recently, Lulu exchange being one of them. Back in the fall of 2019, during the annual Swell event, Ripple announced that it was, at that time, working with 300 customers.

Read more: