Commercial payments outfit Fleetcor Technologies is set to pilot the use of Ripple's XRP digital asset in payment flows through the xRapid real-time liquidity platform.
The deal will see Fleetcor-owned B2B international payments provider Cambridge Global Payments use XRP and xRapid in a bid to make its clients' cross-border transfers to suppliers and employees more efficient.
While big banks continue to shy away from the use of XRP as a form of reserve currency in funds transfers, Ripple appears to have found willing takers in other areas, notably the remittance market, where IDT, MercuryFX, MoneyGram and Cuallix have all taken the plunge with xRapid and XRP.
With the Fleetcor deal, a new avenue - commercial payments - is being targeted. Cambridge has already been exploring the use of Ripple's xCurrent, the enterprise software for messaging and international transaction settlement, but the xRapid deal marks a deeper move into the DLT world.
Danny Aranda, director, business development, says: "We’re focused on working with partners like Cambridge that understand the benefits of digital assets and are serious about using XRP to overcome the inefficiencies in the global payment system. We look forward to collaborating with Cambridge during this pilot to enhance the speed and transparency of cross-border payments for their clients.”