Modulr partnership with Ripple for payments in Europe
Amid growing concern over interchange fees, companies are looking for alternative payment rails to diversify their markets for clients from the traditional methods to sending and receiving payments.
This week, Modulr, a London-based business payments platform, has partnered with non-banking payments firm Ripple to enable payments into the UK and Europe. While announcing the partnership, it also noted that Trust Payments would be the first company to live with the payments system.
Under this partnership, it would allow businesses to run their payments system internationally which is backed by Ripple’s financial technology, RippleNet. With the inclusion of Modulr’s technology, businesses operating globally as noted in the press note will have an ‘alternative to legacy correspondent banking’ and can make payments into the UK and Europe faster, reliably and cost-effective.
Last week, Modulr gained Dutch payments license.
Modulr has built its Payments-as-a-Service solution rails around Faster Payments in the UK and Bacs CHAPS, SWIFT and SEPA in Europe. It is one of the few non-banks to be directly connected to the Bank of England, allowing the payments platform to settle funds at the Central Bank.
Last year, Siam Commercial Bank (SCB), an Asia based bank brought cross-border payments powered by Ripple network.
The partnership would also deliver real-time, price-competitive and reliable payments into the region, from the Asia Pacific, North America, Latin America and Middle East regions, as noted by the press release.
Ripple is a US based payments company which operates its own payments network and blockchain technology through which the user sends and receives payments across the globe. It has its own digital currency which works on blockchain technology and is decentralized in nature.
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