This was posted in businesswire and speaks to a partnership between Modulr, the UK-based fintech that delivers APIs for a PaaS model, and Ripple, the San Francisco-based blockchain payments network. The partnership seeks to utilize Modulr’s expertise and licenses for UK and EU payments access to expand the reach of Ripple’s cross-border capabilities for real-time alternative payments. The piece also indicates that Trust Payments, the UK-based fintech that provides a payments platform for merchants to better manage their transactions for e-commerce and mobile across multiple markets, will be the first client to take advantage of this new partnership.
‘Together, the two leading FinTechs will make it easier than ever for businesses, like Trust Payments, to run real-time payments internationally powered by Ripple’s financial technology, RippleNet. With Modulr’s technology, global businesses have an alternative to legacy correspondent banking and can now make payments into the UK and Europe faster, more reliable, and cost-effective…
Since inception, Modulr has focused on building a seamless Payments-as-a-Service solution into the European and UK payment rails – with access to critical payment infrastructure in the UK including Faster Payments and Bacs CHAPS, SWIFT and SEPA in Europe. Its access and deep expertise of the European payments landscape made Modulr an ideal partner for Ripple. Moreover, Modulr is one of few non-banks to be directly connected to the Bank of England, allowing the payments platform to settle funds at the Central Bank.’
So, Ripple continues its ex-USA business expansion while continuing to pursue a favorable result in the ongoing SEC lawsuit, now in the second year of activity, which has hampered the currency and network growth to an extent. This surely seems like a good collaboration, providing further potential speed and transparency into the markets served, as well as another interesting cross-border alternative payment method for merchants.
‘Myles Stephenson, CEO and Founder of Modulr comments, “We’re excited to partner with Ripple – we share the same fundamental goal which is to make it easy to send and control global business payment flows by removing the hidden inefficiencies plaguing international payments today. This partnership lays the groundwork for even bigger things to come. At Modulr, we’re looking forward to working with Ripple on delivering real-time, price competitive and reliable payments into the UK and Europe, and then globally in the coming months.”…
Ripple is the market leader in blockchain and crypto enterprise solutions. In 2021 Ripple had the most successful year to date, more than doubling the number of transactions on RippleNet, with a payment volume run rate of over $10B.’
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group
