Fleetcor Technologies’ fuel-card issuer joins RippleNet

Ripple and Cambridge Global Payments, a subsidiary of Fleetcor Technologies that provides specialized payment solutions for business, have signed an agreement to use the RippleNet blockchain solution, according to the press release.

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During pilot trials using RippleNet, the companies were able to cut the time to transfer funds to suppliers in Thailand via local Siam Commercial Bank by 99% versus the two-day average.

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The Cambridge Global Payments leadership also noted a high degree of transparency and certainty throughout the payment process. The company is assessing the economic viability of using RippleNet in other countries and currencies.

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“The collaboration with Ripple will broaden our reach in the Asia-Pacific region and deliver the payment speed desired by our clients,” said Mark Frey, president of Cambridge Global Payments.

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The press release cites Juniper Research findings. Analysts forecast a 30% growth in the cross-border B2B payments market amid the COVID-19 pandemic—from $27 trillion to $35 trillion.

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Cambridge Global Payments says these findings underscore the relevance of moving to new technologies. They can speed up payments and reduce the likelihood of errors by removing intermediaries.

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The collaboration between Fleetcor Technologies and Ripple began in 2018 with testing of the xRapid product.

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Earlier in October, Ripple launched a service for business lending with XRP tokens.

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What is Ripple and the XRP cryptocurrency?

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