Ripple and Clear Junction Partner on Cross-Border Payments

Ripple and Clear Junction have partnered to facilitate instant payout coverage in British pounds and euros for Ripple’s payments customers.

This collaboration will bring together Clear Junction’s cross-border payments solutions and Ripple’s enterprise blockchain and crypto solutions, the companies said in a Wednesday (June 5) press release.

Beyond pounds and euros, the companies plan to add a host of new currencies to this partnership later this year, according to the release.

“Clear Junction already has strong relationships with a number of our existing clients, and its management team has many years of experience in cross-border payments and banking,” Cassie Craddock, managing director, Europe at Ripple, said in the release. “We are excited to bring Clear Junction into our network, and we see this as merely the start of our relationship.”

Ripple Payments enables businesses to leverage blockchain for cross-border payments without being an expert, according to the release. It provides simplified network partnering, liquidity management solutions, lines of credit and infrastructure to enable real-time payments.

The company has payout capabilities in more than 80 markets that represent more than 90% of the global foreign exchange market, the release said.

Clear Junction, which is a Financial Conduct Authority (FCA)-authorized eMoney institution in the United Kingdom, offers access to multicurrency payment accounts, eMoney accounts, virtual international bank account numbers (IBANs) and treasury services for regulated financial institutions, per the release.

“Blockchain technology and cryptocurrencies will definitely be at the core of the evolution of correspondent banking and we are happy to partner with Ripple to be a part of this process,” Dima Kats, founder and CEO of Clear Junction, said in the release.

Ripple said in December 2023 that it updated Ripple Payments, its crypto-enabled cross-border payments solution formerly known as RippleNet, to enable faster, cheaper and more efficient cross-border payments.

The update expanded access to Ripple’s global network of crypto and traditional payout markets, introduced the solution to a broader customer base, including small and medium-sized businesses (SMBs), and added new integrations to improve product performance and lower barriers to entering new global markets.

Cross-border payments are undergoing a revolution as chief financial officers and corporate treasurers seek simpler payment execution, streamlined compliance and improved cash flow and liquidity management, according to “The Treasury Management Playbook: Spotlight on Cross-Border Payments,” a PYMNTS Intelligence and Citi collaboration.