Ripple pushes adaptation of XRP and cryptocurrencies
Small and medium-sized enterprises have been getting poor terms from Banks, often having to pay disproportionately high fees for cross-border transfers. To help small businesses, CurrencyCloud, one of the world’s leading providers of cross-border B2B payments, has partnered with Ripple. Ripple has been working with CurrencyCloud to support small and medium enterprises. Banks are less favorable to small and medium-sized enterprises, hoping to provide them with cheaper and faster transactions through cooperation.
Ripple’s payment network will help
CurrencyCloud to further expand its presence globally and overcome the barriers
and obstacles that exist, particularly for international transfers. As Crypto
News Flash reported earlier, Ripple has recently shifted its business focus
from large treasury payments to low volume individual transactions to meet the
growing demand from the small and medium business sector.
The collaboration will give CurrencyCloud
access to RippleNet, enabling it to process transactions across borders in near
real-time at low cost. CurrencyCloud will focus primarily on regions where
conditions for SMEs are poor. Mike Laven, CEO of CurrencyCloud, describes 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.
CurrencyCloud was founded in London in 2012
and is one of the world’s largest payment service companies. The company
recently raised more than $80 million in a Series E financing round from Visa,
Ripple Partner SBI, the World Bank Group’s International Finance Corporation
and BNP Paribas.
CurrencyCloud offers more than 85 different APIs needed to cost-effectively process cross-border payments. To date, more than 71 countries worldwide can be served. The company plans to expand further, especially in Asia, in cooperation with Ripple.
In March this year, XRPL Labs launched the
XUMM banking app, which offers the same functions as a traditional bank
account. It allows you to receive, send, and manage transactions. It will also
be possible to issue digital checks that the recipient can accept at a later
Ripple has also partnered with the Open
Payment Coalition to introduce PayID, a new universal payment identifier. PayID
makes long account numbers and memorizing transaction IDs a thing of the past,
as each account number is replaced by a short unique identifier. This prevents
errors when sending and receiving transactions.
Within the last 24 hours, the XRP price has
dropped 0.75% and is trading at a price of $0.1757. The market capitalization
is 7.82 billion USD.
Author : Collin Brown