Cross-border payment platform Currencycloud announced on Thursday it has formed a partnership Ripple, an enterprise blockchain solution for global payments. CurrencyCloud reported that RippleNet, Ripple’s global financial payments network, makes it easy for its network of financial institutions worldwide to enable faster, lower-cost payments around the world.
“Globalization is an opportunity for businesses of all sizes around the world, but traditional banking continues to favour large corporations, at the expense of SMEs. Currencycloud is reimagining the way money flows around the world and as businesses face a global crisis, the need to move money efficiently around the world becomes ever more important.”
Currencycloud also reported that its partnership with Ripple will explore new mechanisms for moving funds efficiently around the world, especially in areas where regulations and limitations restrict opportunities for small businesses. Mike Laven, CEO at Currencycloud, spoke about the partnership by stating:
“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 added it will focus on territories where smaller businesses are under-represented, ensuring clients will be able to process local pay-outs and collections in these increasingly important countries.