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Cambridge Global Payments To Pilot XRP For Cross-border Payment

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Commercial payments provider Cambridge Global Payments is launching a pilot program to use Ripple (XRP) for faster and transparent cross-border payment flows for their clients. The pilot will use Ripple's xRapid payment solution on its enterprise blockchain network RippleNet.

The pilot is expected to enhance the speed and transparency of cross-border payments for Cambridge's clients by using Ripple's XRP as a bridge currency. The use of XRP is expected to overcome the inefficiencies in the global payment system.

The xRapid solution helps eliminate delays in global payments while also lowering costs. xRapid transactions claim to provide savings of 40-70 percent compared to the charges of foreign exchange brokers. An average xRapid payment also takes just over two minutes, compared to the current average of two to three days when sending cross-border payments.

Cambridge currently has over 13,000 clients around the world and handles $20 billion in international transactions annually. Incorporating XRP in those flows will provide their clients with a cross-border payments experience that is significantly faster, cheaper and more transparent.

Canada-based Cambridge joins five major financial institutions who have publicly announced that they are piloting xRapid, including Cuallix, MoneyGram, IDT Corp., Mercury FX and Western Union.

Cambridge is also exploring xCurrent, Ripple's enterprise software solution for messaging and international transaction settlement currently used by over 100 financial institutions. It enables banks to instantly settle cross-border payments with end-to-end tracking.

Meanwhile, xRapid is used by payment providers and other financial institutions who want to minimize liquidity costs while improving their customer experience.

Cambridge currently facilitates critical and secure payments for fuel, toll, lodging, and general payables through its own proprietary payment networks in North America, Latin America, Europe and Australasia.

Fleetcor Technologies, a provider of commercial payment solutions, acquired Cambridge Global Payments, the B2B international payments provider, for about $690 million in August 2017.

The pilot program is expected to deliver insights that can be used by both Cambridge and Fleetcor to develop their use cases for blockchain in international payments.

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