Fleetcor Technologies, Inc. will test blockchain technology as a way to modernize payments for its commercial fleet clients, especially across international borders, as part of a new initiative with Ripple, which has expertise in the technology, according to the company.
Fleetcor-owned Cambridge Global Payments, a business-to-business international payments provider, will begin testing XRP, a native digital asset of XRP Ledger in payment flows through xRapid, Ripple's solution for on-demand liquidity.
Cambridge processes more than $20 billion cross-border payments each year involving 13,000 clients to make payments to suppliers and employees.
The xRapid pilot program builds on an existing relationship between Cambridge and Ripple that has been exploring similar advantages of xCurrent, Ripple’s enterprise software for messaging and international transaction settlement. That software allows financial institutions to communicate information about a payment between each other in real-time, and settle the payment instantly.