Cambridge FX COO Mark Frey Provides Ripple (XRP) Partnership Updates
Mark Frey, COO Of Cambridge FX Provides Updates About Partnership With Ripple
In March of 2018, Ripple announced its partnership with international payment processing company Cambridge Global Payments (CambridgeFx) to use its blockchain in order to adopt its xRapid liquidity promotion technology to promote a fast and efficient form of payment processing worldwide. The new partnership is also aimed to leverage blockchain to make cross-border payments as seamless and as frictionless as they can.
Mark Frey, Chief Operating Officer, recently spoke about utilizing the technology to provide a better experience for their clients. Cambridge FX believes that reducing transaction costs and speed will not be possible for any legacy systems to do so.
Mark commented on the same by saying:
“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 currently provides 3 technological solutions for those companies oriented to the exchange of financial assets: xRapid which is used as a source of liquidity, xCurrent which is oriented to a bilateral processing of payments and xVia which focuses exclusively on sending money. They all run on the company’s centralized blockchain platform using its XRP token as a means of value transmission. It is interesting to note that they are not just testing xCurrent, but also Ripple’s other products.
From the official statement:
“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.”
Cambridge works with businesses across North America, Latin America, Europe and Australasia, providing advice and money transfer and payment processing mechanisms for raw materials, fuel, toll, lodging, and general payables. The company, which processes over $25 billion in cross-border payments annually is focusing on building connections within the country by clearing networks.