Cambridge Global Payments goes live with Ripple partnership
Cambridge Global Payments is owned by FLEETCORE, which is one of the 250 fastest growing companies in the world, according to Forbes.
CBP already delivers innovative solutions that bypass foreign exchange exposure and provides currency risk management and cross-border payment services.
The partnership with Ripple will optimise payment services and place Cambridge Global Payments at the forefront of a market that is expected to soar as traditional global payment systems are phased out, due to delays, higher error margins and lag-times.
Indeed, a recent report from Juniper Research suggested that the value of B2B cross-border payments is expected to rise from US$27trn to $35trn in 2022 as a result of the COVID-19 pandemic.
The soft-launch partnership stage has shown a 99% reduction in payout times compared to other vendors, and that higher levels of transparency were also present throughout the transaction stages. The success of the collaboration means CGP is already exploring new markets that will profit from the RippleNet access.
Mark Frey, President, Cambridge Global Payments, explained, “We entered into the relationship with Ripple because it presented Cambridge a great opportunity to use distributed ledger technology to reduce the amount of time it takes for customers to pay their overseas vendors. By expanding this relationship, we broaden our reach into the Asia-Pacific region, while providing customers the rapid payment delivery they expect.”
Pat Thelen, VP, North America Managing Director at Ripple, added, “Ripple and Cambridge understand the importance of blockchain technology to improve cross-border payments for customers and bringing greater certainty into the delivery of cross-border payments. Given today’s realities, adding more technology options is even more critical to ensuring faster payments across the globe.”
SLK Software: Optimising performance in the digital economy
Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.
As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:
- Relationship oriented
- Strategically focused on a desired outcome
- Reliant on automation tech
Believing in purposeful automation
SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies.
Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.
The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:
- Intelligent Business Transformation
- Agile IT Automation
Accelerating workflow processes
The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance.
Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:
“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.
Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.
Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.
Pictured: SLK Software team (source)