New pilot program will explore use of digital asset XRP to enhance
efficiency of international payments
PEACHTREE CORNERS, Ga.--(BUSINESS WIRE)--Mar. 1, 2018--
FLEETCOR
Technologies, Inc. (NYSE:FLT), a leading global provider of
commercial payment solutions, continues to explore blockchain
opportunities in payments. As part of these efforts, FLEETCOR is
launching a pilot program with Ripple, the enterprise blockchain
solution provider, and Cambridge Global Payments, the FLEETCOR-owned B2B
international payments provider. Cambridge processes over $20 billion in
B2B cross-border payments annually, helping 13,000 business clients make
international payments to suppliers and employees. Under the agreement
with Ripple, Cambridge will pilot the use of XRP, the native digital
asset of the XRP Ledger, in payment flows through xRapid, Ripple's
solution for on-demand liquidity.
“We are excited for the insights this pilot program is expected to
deliver, and we will use that information to help both Cambridge and
FLEETCOR develop our use cases for blockchain in international
payments,” said Mark Frey, Chief Operating Officer, Cambridge Global
Payments. “We strive to deliver best-in-class cross-border payments
services, with speed and transparency. We look forward to exploring how
Ripple can help us continue to improve the customer experience using new
technology.”
“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,” said Danny
Aranda, Director, Business Development, “We look forward to
collaborating with Cambridge during this pilot to enhance the speed and
transparency of cross-border payments for their clients.”
The xRapid pilot program builds on an existing relationship between
Cambridge and Ripple which has been exploring similar advantages of
xCurrent, Ripple’s enterprise software for messaging and international
transaction settlement. xCurrent allows financial institutions to
communicate information about a payment between each other in real-time,
and settle the payment instantly.
About FLEETCOR
FLEETCOR Technologies (NYSE: FLT) is a leading global provider of
commercial payment solutions. The Company helps businesses of all sizes
better control, simplify and secure payment of their fuel, toll, lodging
and general payables. With its proprietary payment
networks, FLEETCOR provides affiliated merchants with incremental sales
and loyalty. FLEETCOR serves businesses, partners and merchants in North
America, Latin America, Europe, and Australasia. For more information,
please visit http://www.fleetcor.com/.
About Ripple
Ripple provides one frictionless experience to send money globally using
the power of blockchain. By joining Ripple’s growing, global network,
financial institutions can process their customers’ payments anywhere in
the world instantly, reliably and cost-effectively. Banks and payment
providers can use the digital asset XRP to further reduce their costs
and access new markets. With offices in San Francisco, New York, London,
Luxembourg, Mumbai, Singapore and Sydney, Ripple has more than 100
customers around the world.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180301005288/en/
Source: FLEETCOR Technologies, Inc.
FLEETCOR Technologies, Inc.
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