Ripple teams up with Clear Junction, a global provider of payment solutions, to enhance cross-border transactions for GBP and EUR currencies.
In an exciting partnership announced on Wednesday, Ripple and Clear Junction are joining forces to improve the payout capabilities for their customers in EUR and GBP. This collaboration is set to revolutionize the way payments are conducted between the UK and the European Union, promising quicker and more secure transactions.
Boosting Cross-Border Transactions
Clear Junction will now facilitate swift and dependable payouts in EUR and GBP for Ripple’s clients, significantly improving transaction efficiency for businesses operating in these regions. Ripple has also hinted at plans to incorporate more currencies later this year.
Cassie Craddock, Ripple’s Managing Director for Europe, emphasized the strong synergy between the two companies, praising Clear Junction for its seamless support of Ripple’s use cases. Additionally, Craddock highlighted Clear Junction’s extensive experience in banking and cross-border payments, complementing Ripple’s mission to provide advanced payment solutions.
Enhancing Security and Compliance
As an FCA-authorized e-money institution, Clear Junction boasts a robust operational framework that prioritizes fund security and compliance with industry standards. The company’s ISO 27001 attestation underscores its commitment to upholding the highest data security standards.
Clear Junction’s founder, Dima Kats, expressed excitement about the partnership, noting that collaborating with Ripple allows them to incorporate cutting-edge blockchain technology into their services, advancing correspondent banking practices. Kats believes that blockchain technology and cryptocurrencies will play a crucial role in reshaping the correspondent banking landscape.
Expanding Global Reach and Capabilities
This partnership will extend Ripple’s presence to over 55 countries, covering more than 90% of the global foreign exchange market. Ripple’s infrastructure enables businesses to leverage blockchain technology for streamlined, cost-effective cross-border transactions without requiring specialized expertise.
Established in 2016, Clear Junction offers e-money solutions, multi-currency payment accounts, treasury services, and virtual IBANs to licensed financial institutions. By teaming up with Ripple, both companies are poised to swiftly and effectively enter new markets.
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