Earlier this year, Ripple revealed that Cambridge FX which is a subsidiary of FLEETCOR has been testing xCurrent in order to leverage the technology for cross-border payments.
Just recently, Mark Frey, Chief Operating Officer, spoke about utilizing the technology in order to provide an enhanced experience for their customers.
The original press release stated that Cambridge believes that reducing transaction costs and speed will not be possible for legacy systems to do so.
Blockchain can be used to transmit data and make payments
Frey also stated that “Blockchain, in particular, is an interesting technology, [it is] another means by which we can transmit info and make payments around the world…We’ve all leveraged Swift to make wire payments around the world, while there is innovation happening there and that technology rail is improving, new features and benefits that are coming out, the pace of change is relatively slow.”
— Ripple (@Ripple) June 23, 2018
The company processes more than $25 billion in cross-border payments annually, and it’s now having as main target building connections within the country by clearing networks.
They are also currently planning to leverage blockchain to make cross-border payments as seamless and frictionless as possible.
It’s also worth noting the fact that they are not just texting xCurrent, but they also began testing other of Ripple’s products.
“Cambridge will test expansion of its blockchain-based processing to include the use of XRP, Ripple’s digital asset (cryptocurrency). XRP and the XRP Ledger software it works with are both part of xRapid, Ripple’s on-demand liquidity service.”
Blockchain technology provides tangible solutions
Frey also stated that we’re living in a time of evolutionary change and we can see lots of tangible solutions.
He also said that they have been experimenting with technology that moves money in minutes or at least in less than an hour.
“In a matter of months we can move money instantaneously in a frictionless format, it’s going to take a long time to replace the current system, but it’s already beginning to happen. We will see the technology in different constructs,” Frey stated.