Ripple and Modulr Partner To Allow Seamless Payments In Europe And The UK

February 2, 2022 6:58 pm

Recently, the well-known payments platform Modulr that is widely used within the European Union region announced a new partnership with Ripple to enable seamless payments in the area.

By partnering together, the hope is that is that they will be able to provide businesses a solution that will enable them to do real-time payments that is powered by RippleNet.

This will help facilitate adoption as well as many businesses are already used to Modulr’s payment platform which makes the transaction seamless and almost unnoticeable on the frontend.

The change essentially will then allow users in the EU region to make payments reliably, quickly, and with minimal fees which other payment platforms do not have.

BusinessWire shares:

Since inception, Modulr has focused on building a seamless Payments-as-a-Service solution into the European and UK payment rails – with access to critical payment infrastructure in the UK including Faster Payments and Bacs CHAPS, SWIFT and SEPA in Europe.

Its access and deep expertise of the European payments landscape made Modulr an ideal partner for Ripple.

Moreover, Modulr is one of few non-banks to be directly connected to the Bank of England, allowing the payments platform to settle funds at the Central Bank.

As the first company to directly benefit from the partnership between Ripple and Modulr, Trust Payments can continue to expand its service and deliver new payment options.

So far, the CEO of Modulr has stated that this is the first step in many to come during this partnership.

Currently, this initial move is just to lay the groundwork and establish the practicality of the use case in specifically Europe and the UK as well as to observe how competitive this will be compared to the other payment options used in the region.

Once proven, the company plans to continue to expand globally within the coming months which will truly help establish Ripple’s reputation as a leading global payment network.

Yahoo reports:

Sendi Young, Managing Director of RippleNet in Europe comments, “Ripple is thrilled to partner with Modulr, who has a deep knowledge and expertise of the payments landscape, as well as unrivaled connections to critical payment infrastructure in the UK.

Together we look forward to providing faster, simpler cross-border payments experience for customers on RippleNet into the UK and Europe.”

Ripple is the market leader in blockchain and crypto enterprise solutions. In 2021 Ripple had the most successful year to date, more than doubling the number of transactions on RippleNet, with a payment volume run rate of over $10B.

Modulr is authorised and regulated by the FCA as an Electronic Money Institution (Modulr FS Limited), and so can issue GBP accounts with dedicated account numbers and sort codes.

As a direct participant of the Faster Payments and Bacs schemes, they hold and settle funds at the Bank of England, providing reliability and security for users. In the EU, Modulr is authorised and regulated as an Electronic Money Institution by the Central Bank of Ireland (Modulr FS Europe Limited) and Modulr Finance B.V. is authorised and regulated by De Nederlandsche Bank in the Netherlands and EU.

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