PAYMENTS

Modulr and Ripple Partnered to Provide Seamless Payments into the UK and Europe

Modulr | February 02, 2022

Modulr_and_Ripple
Modulr, a leading payments platform, and Ripple, the leader in enterprise blockchain and crypto solutions, have joined hands to provide seamless payments into the UK and Europe regions. Trust Payments, the global payments group, is recorded to be the first customer to use the new service provided by the two FinTech companies.

Both FinTech companies are making payment solutions easier for businesses like Trust Payments to initiate real-time payments across international borders powered by Ripple’s financial technology, RippleNet. The good news is global businesses will now have an alternative to legacy correspondent banking with the help of Modulr’s technology. As a result, they can now make payments into the UK and Europe regions faster, more reliable, and cost-effective.

Since the beginning of the idea of providing a seamless payment mode, Modulr has focused on building a practical Payments-as-a-Service solution into the European and UK payment rails. The solution was created in the wake of critical payment infrastructure requirements in the UK, including SWIFT, Faster Payments and Bacs CHAPS, and SEPA in Europe. The solutions have been created, keeping the deep expertise in the European payments landscape in focus and shaping it as an ideal platform for seamless payments for businesses.

Moreover, Modulr is one of few non-banks directly associated with the Bank of England, enabling the payments platform to settle funds at the Central Bank. Trust Payments, the first company to reap a direct benefit from the partnership between Ripple and Modulr, is now expanding its service and delivering new payment options further to other businesses.

On this venture, Jonathan O’Connor, Chief Commercial Officer of Trust Payments, said, “Trust Payments continues its disruption in payments with the partnership between Modulr and Ripple delivering a new payment option for settlements. We want to ensure we offer merchants alternatives to traditional methods with reduced fees and increased speed of funding to their accounts.”

In the future, Ripple and Modulr aim to deliver price-competitive, real-time, and reliable payments into North America, Asia Pacific, Latin America, and Middle East regions. Sendi Young, Managing Director of RippleNet in Europe, says, “Ripple is pleased 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.”

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.”

Myles Stephenson, CEO, and Founder of Modulr

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There are many different ways of using blockchains to create new currencies. Hundreds of such currencies have been created with different features and aims. The way blockchain-based currency transactions create fast, cheap and secure public records means that they also can be used for many non-financial tasks, such as casting votes in elections or proving that a document existed at a specific time.

Spotlight

There are many different ways of using blockchains to create new currencies. Hundreds of such currencies have been created with different features and aims. The way blockchain-based currency transactions create fast, cheap and secure public records means that they also can be used for many non-financial tasks, such as casting votes in elections or proving that a document existed at a specific time.

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