Earthport, a provider of cross-border payment services, has partnered with Ripple Labs to offer real-time cross-border bank payments.
Earthport said that its new offering will integrate the Ripple protocol alongside its payments network and platform providing a wider choice to financial institutions to optimize their liquidity management and minimize the need to pre-fund a payment account while executing cross-border transactions.
"The partnership brings together the Ripple protocol and Earthport’s global network to provide clients with a friction-free cross-border payments solution with reduced liquidity management costs," Earthport said in a statement.
Hank Uberoi, CEO of Earthport, said: "We constantly evaluate new technologies to reduce costs and delays associated with global bank payments for our clients, but require these innovations to meet our high, exacting standards for compliance.
"Ripple is a new technology and, once integrated in our payments service could bring benefits in efficiency and speed to global transfers. Earthport will apply its existing compliance framework, rule sets and secure payments network to any Earthport clients transacting using the Ripple protocol."