Payments platform Modulr and blockchain payments firm Ripple have joined forces to offer seamless payments to customers in Europe and the UK.
The two companies announced their collaboration in a news release Tuesday (Feb. 1), noting that Trust Payments would be the first company to take advantage of their partnership.
“Together, the two leading FinTechs will make it easier than ever for businesses, like Trust Payments, to run real-time payments internationally powered by Ripple’s financial technology, RippleNet,” the companies said. “With Modulr’s technology, global businesses have an alternative to legacy correspondent banking and can now make payments into the UK and Europe faster, more reliable, and cost-effective.”
Modulr says its Payments-as-a-Service solution offers access to crucial payment infrastructure, such as Faster Payments and Bacs CHAPS, SWIFT and SEPA. It is also one of few non-banks directly connected to the Bank of England, allowing it to settle funds at the U.K.’s central bank.
Also read: QuickBooks Collaborates With Modulr On SMB Payments Account
In 2021, the company collaborated with QuickBooks on the QuickBooks Business Account, an online payment account designed for smaller companies, allowing QuickBooks to connect business accounts with a range of bookkeeping, accounting and tax offerings.
Myles Stephenson, CEO and Founder of Modulr, said his company and Ripple share the goal of making it “easy to send and control global business payment flows by removing the hidden inefficiencies plaguing international payments today.”
Stephenson added, “This partnership lays the groundwork for even bigger things to come. At Modulr, we’re looking forward to working with Ripple on delivering real-time, price competitive and reliable payments into the UK and Europe, and then globally in the coming months.”
Read more: Ripple Plans Crypto Trading Platform for FIs in 2022
Ripple said it has just witnessed its most successful year so far, ending 2021 having more than doubled the number of transactions on RippleNet, with a payment volume run rate of more than $10 billion.
Last year, Ripple unveiled plans for a Ripple Liquidity Hub, a new platform that would allow users to buy sell and hold digital assets.
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