Good things continue to happen for RIpple as of right now. The company has seen a lot of initial success over the past few years. It now seems they have another partner on board in the form of Fleetcor Technologies. This company will seemingly experiment with the XRP asset in its payments flows.

It is always good to see existing financial service providers experiment with newer technologies. In the case of Fleetcor Technologies, they want to improve their commercial payments business model. Cambridge Global Payments, one of the subsidiaries of this company, will experiment with Ripple technology. More specifically, they will use XRP in payment flows through the xRapid liquidity platform. For now, this is only a trial and not an official real-life use case.

Another XRP Trial in the Financial Industry

Fleetcor Technologies’ subsidiary focuses on cross-border transfers. Right now, that business model can use more efficient and improved transaction speeds. For some reason, major banks remain on the fence when it comes to assigning XRP as a reserve currency. As such, service providers need to take matters into their own hands sooner rather than later.

Fleetcor Technologies director of business development Danny Aranda comments:

“We’re focused on working with partners like Cambridge that understand the benefits of digital assets and are serious about using XRP to overcome the inefficiencies in the global payment system. We look forward to collaborating with Cambridge during this pilot to enhance the speed and transparency of cross-border payments for their clients.”

For the time being, it remains to be seen what this trial will entail. Fleetcor Technologies joins a growing list of remittance service providers experimenting with XRP in trial stages. That list includes MoneyGram, Western Union, MercuryFX, and a few others. Ripple’s xRapid solution is of great interest to a lot of companies, for obvious reasons. Whether or not any of them will effectively use this technology in their consumer-oriented business, remains to be seen.

Header image courtesy of Shutterstock


About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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