Leading payment protocol technology company Ripple is now one of the official partners of Modulr, a payment services platform registered in England.
Ripple Partners with Modulr
Per the announcement, the partnership is to enable the integration of blockchain-based digital payment and transfer protocol, RippleNet, into Modulr so as to enable its customers to make seamless international payments.
By adopting the RippleNet protocol, Modulr’s business customers will be able to run much faster, more reliable and cost-effective real-time payment transactions into the United Kingdom (UK) and Europe.
Commenting on the partnership, Sendi Young, Managing Director of Ripple in Europe, said:
“Ripple is thrilled to partner with Modulr, who has a deep knowledge and expertise of the payments landscape, as well as unrivaled connections to critical payment infrastructure in the UK.”
Myles Stephenson, Chief Executive Officer (CEO) of Modulr is also excited about the partnership, stating that the company shares similar goals with Ripple, hence the reason for the collaboration.
“We’re excited to partner with Ripple – we share the same fundamental goal which is to make it easier 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.”
Stephenson and Young mentioned that their companies are both looking forward to working with each other in delivering simpler and more reliable payment services into the UK and Europe, and then globally in the coming months.
Upon integrating the RippleNet payment protocol into their platform, Modulr has seen one of its customers, Trust Payments, become the first to directly benefit from it.
Financial Firms Continue to Adopt RippleNet
The latest development is a plus one for the number of financial institutions in several countries that have integrated the RippleNet protocol into their platforms.
Last month, Attijariwafa Bank, the largest multinational commercial bank in Morocco with $53.3 billion Assets Under Management also adopted the RippleNet protocol to enable the conducting of instantaneous transactions for its customers.