Ripple xRapid Platform for Cross-border Payments Finding use by Cambridge
Ripple’s xRapid tech service is appearing to be very attractive for the Cambrige Global Payments as it offers very speedy transactions to be completed in a global-scale. Cambridge is a subsidiary of Fleetcor Technologies and facilitates payments in North America, Latin America, Europe, and Australasia.
Being developed under the C++ language, the remittance network ripple is a RTGS [Real time Gross Settlement system]. The very popular XRP under crypto-holders is a payment network with which the currency used can be transacted.
Ripple’s Chief Cryptographer – David Schwartz added:
“Payment systems today are where email was in the early ’80s. Every provider built their own system for their customers and if people used different systems they couldn’t easily interact with each other. Ripple is designed to connect different payment systems together.
Around two weeks ago, the San Francisco based start-up Ripple – declared out 5 new clients that are based in 4 different countries around the globe.
First, the banks from Brazil – the Itaú Unibanco and the Induslnd from India, along with InstaReM from Singapore, Beetech from Brazil also and Zip Remit from Canada which are money remittance firms. The companies will test out and try to adopt various Ripple solutions that the platform offers to improve real-time payments in a global range, based on the release.
According to Prajit Nanu – the CEO of InstaReM, the development will also help Ripple, as the blockchain startup’s other members will now be able to take advantage of the payment company’s growing network.
“Now, RippleNet members will be able to process a large number of payouts in Southeast Asian countries through InstaReM’s secure rails,” he said.
When it comes to the company, one of the very unique strategies and noted movements it took to deviate the system being transferred by one individual who is trying to transact millions at once – Ripple deducts a considerable amount from each transaction as a safeguard which is destroyed and not retained.
“We look forward to exploring how Ripple can help us continue to improve the customer experience using new technology” – Chief of Operating Officer for Cambridge Global Payments – Mark Frey
Keeping in mind that for financial institutions cryptocurrencies could perform a major threat, many are taking a path of being open and accept blockchain and the technology to survive the new age.