CCBeast Special

Cambridge Global Payments to use Ripple’s xRapid to accelerate global payments

Cambridge Global Payments is a subsidiary of Fleetcor Technologies and facilitates payments in North America, Latin America, Europe, and Australasia. Aiming to offer faster global payments, Cambridge will use Ripple’s xRapid technology.

Ripple, on the other hand, is a remittance network written using C++, is a real-time gross settlement system (RTGS), with its cryptocurrency (XRP) to be an open payment network, where the currency can be transferred.

David Schwartz, Ripple’s Chief Cryptographer explained,

“Payment systems today are where email was in the early ’80s. Every provider built their own system for their customers and if people used different systems they couldn’t easily interact with each other. Ripple is designed to connect different payment systems together.”

Recently, five new financial institutions joined RippleNet strengthening its presence in the emerging market such as India, China, and Brazil. Ripple targets to create 100 billion XRP tokens ultimately. But they say, “All of it is not to be circulated, half of it will be retained by Ripple itself.” Cuallix, MoneyGram, IDT Corporation, Mercury FX, and Western Union are currently using xRapid.

Ripple is claimed to be not completely free. To test the operability of the system in case of a bunch of millions transaction to be processed at once, Ripple deducts a significant amount from each transaction as a safeguard, which is destroyed and not retained. Ripple’s price is now at $0.9099 USD and processes the third rank among the cryptocurrencies.

Mark Frey, Chief Operating Officer for Cambridge Global Payments says,

“We look forward to exploring how Ripple can help us continue to improve the customer experience using new technology.”

Maria, an ex- XRP investor and a Twitter user said,

“This is for those who think these Ripple partnerships aren’t going to help XRP cuz it’s just using xCurrent. Ripple is working to turn those xCurrent partnerships to xRapid!! Their plan of getting them comfortable with the tech first is extraordinary!”

Jeremy Dean, a Financial Advisor with one of the biggest banks in America says,

“Already three banks have accepted that cryptocurrencies are a threat to their business, we should now see banks like Cambridge accepting Blockchain more openly if they want to survive”

Raghav Pandey, a Ripple fanatic from Chennai says,

“The prices haven’t gone up with so much FUD going around. I like the fact that all the FUDers are quite now. Why isn’t the media covering this? Ripple is killing the FUDers not with talk but with action.”

Binny Wright, a Ripple skeptic, and a cryptocurrency investor says,

“Lol.. its funny when Ripple gets a good news the prices go down. XRP has no place in the decentralized world. It will eventually fail.”