Two leading provider of financial infrastructure and digital asset payment services, Ripple and OpenPayd has entered into a strategic partnership to redefine global crypto payment infrastructure. The digital asset service provider confirmed the development in a blog post today, adding that the partnership unites the two industry leaders with deep knowledge across blockchain and traditional finance to deliver compliant, efficient and scalable payment solution tailored for enterprise clients.
The partnership will also see to the support of Ripple Payments into EUR and GBP by OpenPayd’s global fiat infrastructure. As revealed, its infrastructure includes real-time payment rails, multi-currency accounts, and virtual IBANs.
More details on Ripple and OpenPayd partnership
Similarly, the collaboration also signifies a giant step forward in the expansion of OpenPayd’s recently launched stablecoin infrastructure. The financial service provider will also makes provision for direct minting and burning capabilities for Ripple USD (RLUSD). The feature will also avail businesses with the ability to seamlessly convert between fiat and RLUSD, access OpenPayd’s full suite of services which includes embedded accounts, payment, and trading via a single API.
This solution also makes provision for an extensive range of use cases, including cross-border payments, global treasury management, and enhanced access to U.S dollar liquidity. As the demand for stablecoin continues to grow, the need for real-time and compliant infrastructure to manage money globally and seamlessly between traditional finance and blockchains also arises. This partnership has come to address this need, by delivering faster, more transparent, and cost-effective payment flows.
Meanwhile, the Chief Executive Officer at OpenPayd, Iana Dimitrova while reacting to the partnership described Ripple as a leader in blockchain based payments. Iana emphasized that by integrating Ripple’s payment solution with the company’s rail-agnostic and fully interoperable fiat infrastructure, OpenPayd aims to create a unified platform that effectively bridges the gap between various financial systems. The executive also emphasized that this partnership also empowers businesses to effectively manage their finances on a global scale.
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