The Ripple DLT giant is collaborating with a UK-based fintech giant to bring fast payments to businesses in the UK and Europe.
According to a recent article by Business Wire, San Francisco-based blockchain services provider Ripple has signed a strategic partnership with Modulr, a major UK payment solutions provider.
Together, the two companies plan to establish a seamless payment system for businesses and retail users in the UK and Europe.
Ripple will improve payment systems in the UK and European Union
In addition to announcing its collaboration with Ripple, Modulr also announced that Trust Payments, a global organization that provides payments around the world, will be the first payment provider to take advantage of this collaboration. The platform will now expand its services and offer its customers new payment options.
Ripple and Modulr’s collaboration will help companies like Trust Payments develop their cross-border payment systems thanks to Ripple-powered DLT platform RippleNet, making them cheaper and faster.
Modulr provides the services of the “Payments as a Service” platform to businesses located and operating in the UK and Europe. Clients of the platform include SWIFT, SEPA, Bacs CHAPS, etc. are available. The company also has a direct link to the Bank of England, helping its clients pay their funds there.
Commenting on the new partnership, Sendi Young, Ripple’s head of RippleNet in Europe, stated that Modulr has a strong UK-based payments infrastructure and has a chance to expand RippleNet as it covers more companies and customers.
Ripple had its best year ever
As previously reported by KoinFinans, 2021 proved to be the most successful year ever for Ripple, despite the litigation against the SEC and the uncertainty stemming from the long pending litigation.
San Francisco-based blockchain company Ripple has reached a valuation of $15 billion after buying back shares from investors participating in its Series C round.
CEO Brad Garlinghouse also stated that the company is in its strongest financial position ever, despite legal problems in the US. Last month, Garlinghouse said that 2021 was the strongest year in the company’s history.