Ripple has announced that it is collaborating with Modulr to allow for seamless payments into the UK and Europe. The global unified payments group, Trust Payments, becomes the first customer to go live and start benefiting from the latest collaboration.
Commenting on Ripple's partnership with Modulr, Managing Director of RippleNet in Europe, Sendi Young stated:
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. Together we look forward to providing faster, simpler cross-border payments experience for customers on RippleNet into the UK and Europe.
Through this partnership, businesses will now be able to efficiently run real-time payments internationally powered by RippleNet, Ripple's financial technology. With the technology that Modulr brings to this partnership, global businesses will get a substitute for legacy correspondent banking and be able to make payments into the UK and Europe in a more cost-effective, reliable, and faster manner. Modulr is also one of the non-banks to be directly connected to the Bank of England, which enables it to settle funds at the Central Bank.
CEO and Founder of Modulr, Myles Stephenson stated:
We’re excited to partner with Ripple – we share the same fundamental goal which is to make it easy 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. 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.
Both, Ripple and Modulr, aim to deliver real-time, price-competitive, and reliable payments into the region, from the Asia Pacific, North America, Latin America, and Middle East regions.