Fleet payments provider Fleetcor Technologies is the latest company to run tests with Ripple’s xRapid product and XRP currency.
Last year, Ripple acquired Cambridge Global Payments and it will also be included in the partnership. A Ripple spokesperson mentioned that since 2017, the payment company has mostly use xCurrent’s product.
Many telecom and payment providers have started using Ripple’s different products because they are seeing its efficiency and speed for international transactions. Currently, companies have to use banks as an intermediary.
In a recent blog post, a Mexican financial services company named Cuallix mentioned it started using XRP in 2017 and that “the liquidity provided by xRapid helps it process direct payments between the U.S. and its southern neighbor both quickly and cheaply.”
The list of companies who are using Ripple’s xCurrent technology to facilitate international transactions is always growing with entities such as LianLian, UAE Exchange and Santander bank.
The primary reason that companies are adopting the Ripple technology is to reduce the cost and time it takes to successfully make international transactions.