Ripple and Clear Junction Join Forces to Revolutionize Cross-Border Payments in UK and EU

Ripple, a leading provider of enterprise blockchain and cryptocurrency solutions, has announced a new partnership with Clear Junction, a prominent figure in cross-border payment solutions for regulated institutions.

This collaboration aims to enable instant and secure GBP and EUR-denominated payout coverage for Ripple’s payment customers. Additionally, plans are underway to introduce a variety of new currencies for Ripple customers later in the year.

Clear Junction: A Perfect Fit for Ripple’s Needs

According to Cassie Craddock, Ripple’s Managing Director for Europe, Clear Junction was a perfect fit from the beginning. It was capable of supporting all Ripple’s use cases, including providing GBP and EUR payout coverage for clients sending payments into the UK and the European Union.

Clear Junction already has established strong relationships with many of Ripple’s existing clients, and its management team brings years of experience in cross-border payments and banking. This partnership is seen as the beginning of a fruitful relationship.

Clear Junction, authorized as an e-money institution by the FCA in the UK, offers robust operational strengths, ensuring partners that their funds are secure and protected by necessary payment industry and data security safeguards. The company has also achieved ISO 27001 certification, the highest global data security standard, reinforcing its commitment to operational security principles.

Dima Kats, Founder and CEO of Clear Junction, emphasized the company’s relentless pursuit of new commercial opportunities to enhance their offerings in the fiat and cryptocurrency domains. He highlighted the importance of blockchain technology and cryptocurrencies in the future evolution of correspondent banking and expressed enthusiasm about partnering with Ripple to be part of this transformation.

Kats views the partnership as a perfect example of two institutions enhancing their respective products and services, with hopes to further explore and grow their collaboration in the future.

Strategic Partnership to Expand Reach and Simplify Transactions

Ripple Payments provides enterprise-grade infrastructure, allowing businesses to utilize blockchain technology for faster, cheaper, and more efficient cross-border payments without requiring expertise in the field. The service offers a superior end-to-end customer experience, simplified network partnering, liquidity management solutions, lines of credit, and state-of-the-art infrastructure for real-time payments.

Ripple’s services extend to over 55 countries across six continents, with payout capabilities in more than 80 markets, representing over 90% of the global FX market. This expansion comes amidst heightened attention from investors, especially due to the ongoing Ripple Vs. SEC lawsuit.

The partnership with Clear Junction is expected to further cement Ripple’s presence in the UK and EU markets. It aligns with Ripple’s broader strategy to expand its global footprint and enhance its payment solutions. Ripple’s innovative approach is focused on reducing the complexity and cost associated with traditional cross-border transactions, making blockchain technology more accessible for businesses.

A Promising Future for Blockchain in Cross-Border Payments

The strategic selection of Clear Junction, given its strong regulatory compliance and advanced security standards, including ISO 27001 certification, is expected to bolster Ripple’s capabilities.

Established in 2016, Clear Junction offers services that provide quick and safe access to multi-currency payment accounts, e-money accounts, virtual IBANs, and treasury services for regulated financial institutions. By partnering with Clear Junction, clients can reduce the time to market typically required for establishing banking relationships, gain access to new markets, and leverage innovative technologies and expertise.

This collaboration marks a significant step in Ripple’s mission to simplify and enhance cross-border payment processes, ultimately benefiting businesses globally. Both Ripple and Clear Junction are looking forward to a promising partnership that will drive the adoption of blockchain technology in the financial sector.