Ripple taps Clear Junction for GBP and EUR payout coverage

Several other currencies will be added to the payout service later this year.

Ripple Labs has partnered with Clear Junction for instant and secure GBP and EUR-denominated payout coverage for Ripple’s payments customers, with several other currencies being added to the service later this year.

The blockchain developer behind XRP provides several enterprise solutions, including Ripple Payments which is the required infrastructure for businesses to leverage blockchain for cross-border payments without needing to be an expert.

Ripple Payments delivers an end-to-end customer experience, simplified network partnering, liquidity management solutions, lines of credit, and state-of-the-art infrastructure to enable real-time payments.

The company serves hundreds of customers in over 55 countries and on six continents, with payout capabilities in over 80 markets representing more than 90% of the global FX market.

“For our clients sending payments into the UK and European Union”

Ripple Payments will now leverage Clear Junction, the UK FCA-authorized e-money institution that boasts an ISO 27001 certification, the highest global data security standard that businesses can achieve.

Established in 2016, Clear Junction enables quick and safe access to multi-currency payment accounts, e-money accounts, virtual IBANs, and treasury services for regulated financial institutions. Clear Junction allows clients to shorten the time to market they typically face when establishing banking relationships, access new markets, and tap into game-changing technologies and expertise.

Cassie Craddock, Managing Director, Europe at Ripple, said: “Clear Junction is a great fit for Ripple. From the word go, it was able to support all of our use cases, including providing GBP and EUR payout coverage for our clients sending payments into the UK and European Union. Clear Junction already has strong relationships with a number of our existing clients, and its management team has many years of experience in cross-border payments and banking. We are excited to bring Clear Junction into our network, and we see this as merely the start of our relationship.”

Dima Kats, Founder and CEO at Clear Junction, commented: “At Clear Junction, we work tirelessly to identify new commercial opportunities to enable us to enhance our existing offering across the fiat and cryptocurrency domains. Blockchain technology and cryptocurrencies will definitely be at the core of the evolution of correspondent banking and we are happy to partner with Ripple to be a part of this process. This partnership is a great example of two institutions coming together to augment their respective products and services. We’re looking forward to working closely with the Ripple team and hope to explore more ways to grow our partnership in the future.”