Some of the products that would utilize Ripple Payments are RocketFuel Pay-In Commerce, RocketFuel Mass Pay-Out and RocketFuel Cross border B2B.
Cryptocurrency payment company Ripple Labs has bagged a strategic partnership with RocketFuel, a global crypto payment solutions provider.
Ripple and RocketFuel: The Benefits
Based on the terms of their agreement, RocketFuel, recognized for its comprehensive range of payment solutions including ACH bank transfers, Bitcoin (BTC), and other cryptocurrencies, will adopt the fintech firm’s new blockchain-based payment corridor dubbed Ripple Payments into its already existing suite of payment products.
The integration is focused on leveraging the newly introduced Ripple solution to meet the increasing global demand for “faster, more reliable, and less expensive FIAT payments to merchants and partners,” the published statement detailed. Ultimately, RocketFuel is looking to enhance its existing payment infrastructure through this collaboration with Ripple.
Some of the products that would utilize Ripple Payments are RocketFuel Pay-In Commerce, RocketFuel Mass Pay-Out and RocketFuel Cross border B2B.
Merchants use the RocketFuel Pay-In Commerce to receive payment in digital assets and ACH both in-store and online. RocketFuel Mass Pay-Out facilitates the payment of a large number of customers and partners by merchants through cryptocurrencies or even bank transfers.
On the other hand, the RocketFuel Cross border B2B is typically utilized by large companies. The product is more channeled towards facilitating the cross-border transfer of huge amounts while utilizing blockchain and stablecoin technologies.
RocketFuel CEO Peter Jensen voiced his stance on the current happenings in the financial sector including the utilization of cryptocurrencies and Ripple’s innovative technologies.
“Existing rails and technologies used to transfer money across borders are based on old, outdated technologies and processes and are becoming increasingly problematic for businesses. Modern blockchain and cryptocurrency technologies provide new ways to dramatically improve this,” Jensen shared.
“By leveraging the power of Ripple’s cutting-edge payment solutions, we are able to revolutionize the way businesses transact by creating better, faster, and cheaper payment experiences for our merchants and partners worldwide,” added he.
Ripple Bags Significant Partnerships to Expand its Remittance Market
Ripple also acknowledged the significance of inking this deal with RocketFuel. Brendan Berry, the Head of Payments Product at Ripple stated that having partners like RocketFuel has contributed immensely to helping the fintech firm empower businesses globally through the provision of efficient and cost-effective payment solutions, leveraging the power of crypto and blockchain.
Similarly, Ripple recently signed a partnership deal with Onafriq, another top payments giant in Africa. Also, this alliance is aimed at broadening Ripple’s remittance services and fostering smoother cross-border transactions within 27 countries in Africa. Just like its partnership with RocketFuel, the deal with Onafriq was announced at its annual Swell Conference held in Dubai this week.
Moving forward, Ripple is still strategizing on how to expand its remittance services to other regions like the United Kingdom, Australia, and even the Gulf nations.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.