On July 2, 2020, San-Francisco blockchain-based startup Ripple welcomed Cross-border payment platform Currencycloud to its ‘RippleNet family’.
Currencycloud announced on Thursday that it had tapped into RippleNet, which is Ripple’s global financial payments system. The move is expected to make it easier for Currencycloud’s network of financial institutions to provide faster, lower-cost payments around the world.
The payments platform focuses mainly on transforming remittances for small and medium businesses (SMEs), especially in countries where local regulators impede opportunities for small startups from abroad to do business.
Currencycloud has cooperated with RippleNet to expand its set of tools in assisting SMEs function internationally by boosting their payment capacity from one location to another.
Ripple Is Championing Cross-Border Payments
Ripple has emerged as a leader in the remittances sector, with the startup focused on exploring new locations where small and medium-sized businesses don’t have as much access to make cross-border payments via traditional methods, i.e., banks and SWIFT.
Ripple has been actively adding new members to its growing network, as highlighted by a tweet from researcher and XRP enthusiast Leonidas Hadjiloizou.
In his post, he shared that Ripple had updated the page on its official website with its list of customers, with new entries such as Lulu exchange and now Currencycloud making up the 350 XRP clients.
The new partnership with Ripple will enable Currencycloud to improve its mechanisms for moving funds around the world, especially where regulations limit opportunities for SMEs.
Mike Laven, CEO at Currencycloud, remarked:
“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.”
Laven added that his startup would 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.
TransferGo Partners with Currencycloud
Earlier in the year, TransferGo, a major remittance company, announced that it had entered into cooperation with the Currencycloud payment platform to transform cross-border remittance and meet the needs of clients in over 69 countries globally.
This came after Ripple teamed up with TransferGo in early 2018 to enable Indian migrant workers to send funds home to their families.
A few months ago, Ripple revealed that the partnership with TransferGo had been further expanded to help recipients in the EU zone send and receive funds within minutes.