Ripple, the San Francisco-based cross-border payments firm, has announced a new partnership with Clear Junction, a cross-border payments solution for regulated institutions.
The new development was announced via Ripple’s official website moments ago. According to the report, the partnership will aid Clear Junction to facilitate instant and secure GBP and EUR-denominated payout coverage for Ripple’s payments customers. The report also reveals that Ripple will add more to its long list of customers by the end of the year.
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Reacting to the new development, Cassie Craddock, Ripple’s Europe Managing Director, said Clear Junction is a great fit for Ripple, this implies that the partnership will help Ripple to expand its reach further.
Craddock added, “From the word go, it was able to support all of our use cases, including providing GBP and EUR payout coverage for our clients sending payments into the UK and European Union. Clear Junction already has strong relationships with a number of our existing clients, and its management team has many years of experience in cross-border payments and banking. We are excited to bring Clear Junction into our network, and we see this as merely the start of our relationship.”
Clear Junction is an FCA-authorised e-money institution in the UK. This implies that its operational strengths can greatly benefit its partners, including Ripple. According to the report, the license gives partners the reassurance that their funds are secure and protected by necessary payment industry and data security safeguards.
Also, Clear Junction has gained ISO 27001 certification, the highest global data security standard that businesses can achieve. This makes it more evident that the firm is committed to operational security principles.
Dima Kats, Founder and CEO at Clear Junction, also reacted to the partnership, “At Clear Junction, we work tirelessly to identify new commercial opportunities to enable us to enhance our existing offering across the fiat and cryptocurrency domains.
Blockchain technology and cryptocurrencies will definitely be at the core of the evolution of correspondent banking and we are happy to partner with Ripple to be a part of this process. This partnership is a great example of two institutions coming together to augment their respective products and services. We’re looking forward to working closely with the Ripple team and hope to explore more ways to grow our partnership in the future.”
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