Fleetcor unveils pilot payments programme with Ripple
Cambridge, which was acquired by Fleetcor in 2017 for $675 million, processes over $20 billion in B2B cross-border payments annually. Under the agreement with Ripple, Cambridge will pilot the use of XRP, a digital asset of the XRP Ledger, in payment flows through xRapid, Ripple’s solution for “on-demand liquidity”.
Mark Frey, COO of Cambridge, says it will use the information from the pilot to help both it and Fleetcor “develop our use cases for blockchain in international payments”.
The xRapid pilot builds on an existing relationship between Cambridge and Ripple, which has been exploring similar advantages of xCurrent, Ripple’s enterprise software for messaging and international transaction settlement.
According to Ripple, xCurrent allows financial institutions to communicate information about a payment between each other in real-time, and settle the payment instantly.