On February 1st, two leading companies announced a partnership. These FinTech platforms are Modulr and Ripple.
As we know, Ripple is a leading blockchain enterprise. On the other hand, Modulr is a payment service platform. Their partnership aims to establish a smooth payment environment in the U.K. and Europe.
Who Will Benefit From This Partnership?
Ripple and Modulr’s partnership will play a major role for businesses in the U.K. and Europe. The payments group called Trust Payments will be the first customer to benefit from this partnership.
Moreover, the partnership allows businesses to conduct international real-time payments with ease.
Hence, Ripple and Modulr will provide their finance and business technology for this partnership.
Accordingly, Ripple will use its financial technology RippleNet. RippleNet has connections to hundreds of different financial institutions. Moreover, it is a decentralized global network of banks and payment providers.
Ripple aims to speed up financial transactions.
Similarly, Modulr will use its technology to make faster, easier and more reliable ways of transferring money.
Additionally, it is a payment-as-a-service platform that allows users to automate payments and embed payments on other platforms.
Moreover, Modulr is based in the U.K. and Europe. It provides the U.K. and Europe with access to Faster Payments and Bacs CHAPS, SWIFT, and SEPA.
Hence, due to its vast knowledge and expertise in these places, Ripple chose Modulr for this partnership.
Modulr is also one of the few companies with connections with the Bank of England, the U.K.’s Central Bank.
Ripple and Modulr Released Statements
The CEO of Modulr announced the partnership, saying that there are bigger things planned in the future. Accordingly, Myles Stephenson said they were “excited to partner with Ripple.”
Furthermore, the CEO added that both the companies had the same fundamental goal. This goal is to remove inefficiencies that afflict the international payments system.
The CEO adds that working with Ripple will help them deliver real-time, price competitive, and reliable payments.
Also, Stephenson mentions that they are focused only on the U.K. and Europe markets right now. However, there are plans of going global in the coming months.
The Managing Director of RippleNet in Europe, too, released a statement.
Sendi Young says that Modulr has “deep knowledge and expertise of the payments landscape, as well as unrivalled connections to critical payment infrastructure in the U.K.”
Both the companies are looking to introduce a faster and simpler cross-border payments service for their customers.