Earlier this year, Ripple announced that Cambridge FX, a subsidiary of FLEETCOR has been testing xCurrent to leverage the technology for cross-border payments. Recently, Mark Frey, Chief Operating Officer, spoke about utilizing the technology to provide a better experience for their clients.
As stated in their original press release concerning the matter, Cambridge believes that reducing transaction costs and speed will not be possible for “any legacy systems” to do so. Mark echoed this concern, 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.”
The company, which processes over $25 billion in cross-border payments annually is focusing on building connections within the country by clearing networks.
They also plan to leverage blockchain to make cross-border payments as seamless and as frictionless as they can. It is interesting to note that they are not just testing xCurrent, but also Ripple’s other products. They stated:
“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.”
Frey went on to state that “evolutionary change is happening, that we can see in real and tangible ways”. He also stated that they were experimenting with technology that can move money in “minutes or less than an hour”. He furthermore said:
“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 its already beginning to happen. We will see technology in different constructs.”
Frey stated that “this is where we want to be, at the forefront of innovation”. He went on to stated that they will choose the product most suitable for their clients, as they are a “client-centric business”. He said that Cambridge will “test tech and leverage them for our clients.”