xRapid User Fleetcor Acquires a Payroll Card Provider; Will This Move Ripple into SMB Territory?

  • Payments company Fleetcor, that trialed Ripple’s xRapid in 2018, acquires payroll card provider SOLE
  • HSBC launches next-generation virtual accounts
  • XRPL Labs has announced a new application called Xumm

Fleetcor Technologies announced the acquisition of SOLE Financial, a payroll card provider that enables instant and affordable wage access for workers, on July 8.

The leading global business payments company will combine SOLE with its existing digital paycard business and increase the overall addressable market for the company.

“SOLE is a good strategic fit with our existing payroll card business, allowing us to significantly expand our footprint among small-to-medium businesses in addition to the larger enterprises we currently serve,” said Ron Clarke, Chairman and Chief Executive Officer of FLEETCOR.

SOLE basically provides unbanked workers instant and affordable access to their hard-earned pay while Payroll Card eliminates the expensive and logistics burden of paper checks. It further bridges the gap for clients that strive to reach 100 percent direct deposit participation.

SOLE additionally, has built an extensive ‘referral network’ among payroll processors and PEO firms, that Fleetcor “hope to extend.”

Fleetcor that simplifies the way business manage and pay their expenses serves merchants and partners in Europe, Asia Pacific, North America, and Latin America.

Back in March 2018, the company trialed Ripple’s xRapid product that utilizes XRP cryptocurrency. At that time, a Ripple spokesperson said Canada-based financial consultants Cambridge Global payments, that has been a Ripple client since 2017 and was acquired by Fleetcor will also be part of this partnership.

HSBC Launches Next-Generation Virtual Accounts

Meanwhile, HSBC has also announced the launch of Next Generation Virtual Accounts. This multicurrency solution will be available in over 20 currencies.

This solution of HSBC’s will enable its clients to consolidate hundreds of bank accounts in just a few accounts for each currency they use. It will provide greater efficiency and flexibility as clients can go online to manage their virtual account structures.

HSBC Next Generation Virtual Accounts have gone live in Singapore, Hong Kong, USA, and the UK.

Meanwhile, XRPL Labs has announced a new application called Xumm that will allow users to store fiat as well as digital currencies, without the involvement of banks. XRPL Labs’ lead developer, Wietse Wind said the idea is to build something like a banking app, “really secure, user-friendly set-up guide in-app”, that can be used by anyone.

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