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- Ripple has partnered with CurrencyCloud to support small and medium-sized businesses (SMEs).
- SMEs receive poor conditions from banks, so the cooperation is expected to provide companies with cheaper and faster transactions.
SMEs have always received poor conditions from banks and often have to pay disproportionately high fees to make cross-border transfers. To help smaller businesses, CurrencyCloud, the world’s leading provider of cross-border B2B payments, has partnered with Ripple.
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.
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.
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.
Ripple pushes adaptation of XRP and cryptocurrencies
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 date.
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.
