18th Aug 2015 07:05
LONDON (Alliance News) - Earthport PLC Tuesday said it has partnered with Ripple Labs to enhance its global gateway by enabling real-time cross-border payments via a distributed ledger protocol for use by banks.
Ripple Labs is the creator and developer of the Ripple payment protocol and exchange network.
Earthport said that by simplifying the cross-border payment system, its network gives businesses transparency into the up-front cost and timescales for making their cross-border payments, so they can accurately track their payment throughout the process.
"We are thrilled to be expanding our payment network and furthering our mission to provide 'fastest payments possible' through easy access to distributed ledger. This will enable our clients to realise numerous benefits, including immediate transaction settlement and reduced counterparty risk. We have experienced significant interest in this protocol and our clients are far along into the planning stage for initial testing," Chief Executive Hank Uberoi said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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