Modulr and Ripple (XRP) announced strategic partnership to enable seamless payments into the UK and Europe in the future
Modulr, the leading payments platform, announced a collaboration with Ripple, the market leader in business blockchain and cryptocurrency solutions, to allow frictionless payments into the United Kingdom and Europe. Trust Payments, the world’s largest unified payments company, is the partnership’s first client to go live and begin reaping the benefits.
Modulr has been focused on integrating a seamless Payments-as-a-Service solution into the European and UK payment rails from its start – with access to vital payment infrastructure in the UK, including Faster Payments and Bacs CHAPS, as well as SWIFT and SEPA in Europe. Modulr was an appropriate partner for Ripple due to its access to and substantial understanding in the European payments ecosystem. Additionally, Modulr is one of the few non-banks that has a direct connection to the Bank of England, enabling the payments platform to settle money directly with the Central Bank.
In 2021, the firm partnered with QuickBooks to launch the QuickBooks Business Account, an online payment account intended specifically for small businesses that enables QuickBooks to integrate business accounts with a variety of bookkeeping, accounting, and tax products.
Jonathan O’Connor, Chief Commercial Officer of Trust Payments, said: “Trust Payments continues its disruption in payments with the partnership between Modulr and Ripple delivering a new payment option for settlements. We want to ensure we offer merchants alternatives to traditional methods with reduced fees and increasing the speed of funding to their accounts.”
Sendi Young, Managing Director of RippleNet in Europe, informed, “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.”
Myles Stephenson, CEO and Founder of Modulr, said: “We’re excited to partner with Ripple – we share the same fundamental goal which is to make it easy to send and control global business payment flows by removing the hidden inefficiencies plaguing international payments today. This partnership lays the groundwork for even bigger things to come. At Modulr, we’re looking forward to working with Ripple on delivering real-time, price competitive and reliable payments into the UK and Europe, and then globally in the coming months.”