Ripple Labs and Earthport announced a global partnership to offer a faster, cost-efficient and reliable cross-border payment solutions for both consumers and corporate houses.
Both the companies are considered veterans in their respective areas. While Ripple Labs is recognized as the world’s leading open-source payment protocol that allows real-time fund-transfers in any currency, Earthport holds a similar stature in the field of white label cross-border payments, with services available across 60 countries. The latter is already partnered with major banks like BBVA, Bank of America and Barclays.
The collaboration between Ripple Labs and Earthport is aimed at providing a “wider choice to financial institutions,” which include optimizing liquid management, minimizing the needs to prefund an account to execute cross-border payments, and providing more secure and transparent cross-border payment solutions – all under the obedience that regulators expect.
Earthport CEO Hank Uberoi praised their new partner for revolutionizing global payment transfer services. “Ripple is a new technology and, once integrated in our payments service could bring benefits in efficiency and speed to global transfers,” he said. “Earthport will apply its existing compliance framework, rule sets and secure payments network to any Earthport clients transacting using the Ripple protocol.”
“Traditional cross-border payments are inefficient today because both the technology and compliance frameworks underpinning them were built country by country decades ago,” said Chris Larsen, co-founder and CEO of Ripple Labs, the developer of the Ripple protocol. “The Earthport and Ripple partnership brings together the leading global payments and technology infrastructures to immediately transform and modernize the global payments industry.”
As the partnership matures, Ripple Labs is likely to gain recognition among other financial organizations. The cryptocurrency startup has been already providing services to a handful of US banks. Larsen himself recognized the fruitful outcomes of their partnership with Earthport, saying that it accelerates their ability to “bring more liquidity on for more and more market makers.”
“It really accelerates the growth of the protocol and the network,” he concluded.
