Fleetcor to pilot Ripple XRP
Fleet and global workforce payments provider, Fleetcor Technologies, is partnering with Ripple.
Fleetcor has become the latest company to trail the Ripple xRapid product.
The payment system utilizes Ripple’s XRP cryptocurrency.
The partnership will also include New York-based financial consultants, Cambridge Global Payments.
CGP was acquired by Fleetcor last year.
Cambridge has been working with Ripple since last year, although it has been utilizing the companies xCurrent product, according to a Ripple spokesperson.
Ripple is catching on
This news follows announcements in February that telecom provider Mercury signed up to trail xRapid.
International money transfer service MoneyGram also recently revealed it is piloting the same product.
According to CoinDesk, MoneyGram is testing xRapid for speed and efficiency on international payments.
Presently, both companies use a system that requires pre-funded bank accounts in specific countries to facilitate the transactions.
Utilizing Ripple’s products can make transactions that usually take days, complete in just a few seconds.
Already boosting businesses
A Mexican financial services company, Cuallix, says it has been using XRP for transfers since last year.
In a recent blog post, the firm noted that the flexibility provided by xRapid allows them to process payments between Mexico and the US cheaply and almost instantly.
In recent months, a variety of companies have now signed up with Ripple.
Some are opting to use its blockchain technology stacks, but not XRP, to cross-border payments.
Ripple also recently signed a deal with Saudi Arabia’s Central Bank for a trail using its blockchain technology.
Most of the companies that have partnered with Ripple have announced they are looking to speed up transaction times and lower costs.