Currencycloud, the global leader in providing embedded B2B cross-border payments for platforms of the future, announced a partnership with Ripple, the enterprise blockchain solution for global payments. RippleNet, Ripple’s global financial payments network, makes it easy for its diverse 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 favor 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.
The partnership with Ripple will allow Currencycloud to explore new mechanisms for moving money efficiently around the world, especially where regulations and limitations restrict opportunities for SMEs. It is expected that Currencycloud 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.
Mike Laven, CEO at Currencycloud, commented: “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.”