Modulr has struck a strategic partnership with Ripple, the blockchain and crypto company, to enable real time payments in the UK and Europe.

The partnership will provide businesses with the ability to run payments on RippleNet, Ripple’s financial technology.

Modulr said the move, which will combine its payments platform technology with Ripple’s, will offer an alternative to legacy correspondent banking, enabling businesses to make payments into the UK and Europe in a faster, more reliable and cost-effective way.

Since it was founded in 2015, Modulr has focused on building its 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.

Ripple and Modulr said they are looking to deliver real-time, price-competitive and reliable payments into the region, from the Asia Pacific, North America, Latin America and Middle East regions.

The duo announced that payments group Trust Payments, would be the first business to directly benefit from the partnership, and would use it to expand its service and deliver new payment options.

Sendi Young, managing director of RippleNet in Europe said: “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 said that 2021 was its most successful year to date, more than doubling the number of transactions on RippleNet, with a payment volume run rate of over $10B.

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.

He added: “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.”

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