On Tuesday (February 1), Ripple, which specializes in solutions for cross-border payments, and Modulr Finance, which offers a “Payments as a Service API platform for digital businesses”, announced a strategic partnership.
According to the joint press release, these two FinTech leaders will “make it easier than ever for businesses, like Trust Payments, to run real-time payments internationally powered by Ripple’s financial technology, RippleNet.” Using Modulr’s technology, “global businesses have an alternative to legacy correspondent banking and can now make payments into the UK and Europe faster, more reliable, and cost-effective.” Ripple and Modulr plan to provide “real-time, price-competitive and reliable payments” into UK/Europe from the Asia Pacific, North America, Latin America and Middle East regions.
The press release went on to say that “since inception, Modulr has focused on building a seamless Payments-as-a-Service solution into the European and UK payment rails – with access to critical payment infrastructure in the UK including Faster Payments and Bacs CHAPS, SWIFT and SEPA in Europe” and that it is this “access and deep expertise of the European payments landscape” that makes Modulr such a good partner for Ripple. Furthermore, Modulr is “one of few non-banks to be directly connected to the Bank of England, allowing the payments platform to settle funds at the Central Bank.”
The first company to directly benefit from this partnership is Trust Payments, which can now “continue to expand its service and deliver new payment options.”
Jonathan O’Connor, Chief Commercial Officer of Trust Payments, had this to say:
“Trust Payments continues its disruption in payments with the partnership between Modulr and Ripple delivering a new payment option for settlements. We want to ensure we offer merchants alternatives to traditional methods with reduced fees and increased speed of funding to their accounts.“
And Myles Stephenson, CEO and Founder of Modulr , stated:
“We’re excited to partner with Ripple – we share the same fundamental goal which is to make it easy to send and control global business payment flows by removing the hidden inefficiencies plaguing international payments today. This partnership lays the groundwork for even bigger things to come. At Modulr, we’re looking forward to working with Ripple on delivering real-time, price competitive and reliable payments into the UK and Europe, and then globally in the coming months.“
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