FLEETCOR & Ripple Team Up to Modernize Payments Using Blockchain

New pilot program will explore use of digital asset XRP to enhance efficiency of international payments

March 1, 2018 – FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global provider of commercial payment solutions, continues to explore blockchain opportunities in payments. As part of these efforts, FLEETCOR is launching a pilot program with Ripple, the enterprise blockchain solution provider, and Cambridge Global Payments, the FLEETCOR-owned B2B international payments provider. Cambridge processes over $20 billion in B2B cross-border payments annually, helping 13,000 business clients make international payments to suppliers and employees. Under the agreement with Ripple, Cambridge will pilot the use of XRP, the native digital asset of the XRP Ledger, in payment flows through xRapid, Ripple’s solution for on-demand liquidity.

“We are excited for the insights this pilot program is expected to deliver, and we will use that information to help both Cambridge and FLEETCOR develop our use cases for blockchain in international payments,” said Mark Frey, Chief Operating Officer, Cambridge Global Payments. “We strive to deliver best-in-class cross-border payments services, with speed and transparency. We look forward to exploring how Ripple can help us continue to improve the customer experience using new technology.”

“We’re focused on working with partners like Cambridge that understand the benefits of digital assets and are serious about using XRP to overcome the inefficiencies in the global payment system,” said Danny Aranda, Director, Business Development, Ripple, “We look forward to collaborating with Cambridge during this pilot to enhance the speed and transparency of cross-border payments for their clients.”

The xRapid pilot program builds on an existing relationship between Cambridge and Ripple which has been exploring similar advantages of xCurrent, Ripple’s enterprise software for messaging and international transaction settlement. xCurrent allows financial institutions to communicate information about a payment between each other in real-time, and settle the payment instantly.


FLEETCOR Technologies (NYSE: FLT) is a leading global provider of commercial payment solutions. The Company helps businesses of all sizes better control, simplify and secure payment of their fuel, toll, lodging and general payables. With its proprietary payment networks, FLEETCOR provides affiliated merchants with incremental sales and loyalty. FLEETCOR serves businesses, partners and merchants in North America, Latin America, Europe, and Australasia. For more information, please visit http://www.fleetcor.com/.

About Ripple

Ripple provides one frictionless experience to send money globally using the power of blockchain. By joining Ripple’s growing, global network, financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. With offices in San Francisco, New York, London, Luxembourg, Mumbai, Singapore and Sydney, Ripple has more than 100 customers around the world

Dutch Fintech Company expands its R&D operations in Cardiff

Economy Secretary Ken Skates has announced that South Wales’ thriving Fintech sector is set to receive another boost with Dutch company Backbase creating more than​ 50 new jobs at its office in Cardiff, following Welsh Government support.

As a leading software development company Backbase has offices in Europe, the US and Asia. It is the market leader in omni-channel banking software, and offers a secure platform that empowers banks and other financial institutions to accelerate their digital transformation.

With over a 100 large financial companies including HSBC, Barclays and Metrobank using its platform across 25 countries, Backbase is recognised globally and continues to garner awards and accolades. The company was recently recognised by Forrester’s industry analysts as a leader in Digital Banking Engagement Platforms.

Backbase hopes that the growth of its Cardiff office will support its aim to be at the forefront of digital banking innovation.

The company chose Wales as the base for its Research and Development facility because of Cardiff’s growing reputation as a hub for fintech, the quality of local skills supply and the support offered by the Welsh Government.

Backbase opened its R&D facility in Cardiff last year creating 24 highly skilled jobs. It is now expanding to create a further 50 new jobs which will be instrumental in targeting the growing Wealth Management sector.

The new team will deliver core software development, software testing and support for clients with the research and development accrued ultimately powering the commercial banking of multiple large financial institutions around the world.

Economy Secretary, Ken Skates said: “I am delighted that Backbase will now be adding a further 50 recruits to its Cardiff workforce following a package of Welsh Government support. Cardiff’s reputation as a thriving Fintech hub grows stronger by the month and we remain committed to working with companies in the sector to provide the skills and support they need in order to grow and expand their businesses.”

Chris Whitcombe, CTO​ of Backbase said: “The partnership with the Welsh Government was instrumental in bringing Backbase to Wales not just in terms of making it easy but the relationships they have been able to introduce us to. The tremendous pool of talent in the fintech sector and the better work life balance available were also factors in our decision to invest in Wales.”