2 years ago
85 Blockchain and crypto company Ripple has entered into a strategic alliance with UK payment service provider Modulr to provide improved payment service. Trust Payments has already become the project’s first client.
The project plans to offer banking capabilities to clients across Europe. These will include both physical and virtual card issuance, which is expected to be available in France, Germany, and Spain.
The partnership will also enable Modulr to provide e-money accounts and Single Payments Area (SEPA) payments for clients.
Modulr is also one of the few non-banks that have a direct connection to the Bank of England (BOE). As a result, the company has the capability of settling funds in the BOE.
Modulr To Deliver Alternative Payment Options
Chief Commercial Officer of Trust Payments, Jonathan O’Connor, commented on the partnership deal. He stated that the collaboration between Ripple and Modulr will deliver new payment options. He added that the company is committed to offering merchants more options than only traditional payment methods. With alternatives, clients will have the freedom to use different payment methods, allowing them to select a faster and less expensive option.
Founder and Chief Executive Officer of Modulr, Myles Stephenson, revealed the company’s excitement with the partnership deal. He stated that both companies are built on the same fundamental, which is helping people to easily manage their payment flows. It also enables people to send money securely and quickly.
Both Firms Want To Deliver Fast And Secure Payment Systems In Europe
The collaboration will help to reduce inefficiencies that have plagued international payments. “This partnership lays the groundwork for even bigger things to come,” Stephenson added.
Both companies will be working together to deliver reliable, price competitive, and real-time payments in Europe. Although the services will roll out in Europe, there are plans to extend into other parts of the world in the next few months.
Apart from its regulatory license with the UK FCA, Modulr also has an operational license as an Electronic Money Institution in Ireland.
Managing Director of RippleNet Europe noted that Modulr’s deep knowledge of the payment landscape will help to offer a simpler and faster cross-border payment solution. He stated that the partnership will be highly beneficial to Ripple and its customers in the U.K. and Europe.
