Payment platform Modulr has joined forces with enterprise blockchain and crypto solutions provider Ripple on payments into the UK and Europe. 

Trust Payments is the first to leverage this partnership that is aimed at allowing clients to run real-time payments internationally powered by Ripple’s financial technology, RippleNet.

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Modulr’s technology is claimed to offer businesses an alternative to legacy correspondent banking. Its clients can now benefit from ‘faster and cost-effective’ payments into the UK and Europe. 

Modulr CEO and founder Myles Stephenson said: “We are 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. This partnership lays the groundwork for even bigger things to come.”

Ripple and Modul are working to offer their payments offering in the Asia Pacific, North America, Latin America and Middle East regions.

RippleNet Europe managing director Sendi Young said: “Ripple is thrilled to partner with Modulr, who has a deep knowledge and expertise of the payments landscape, as well as unrivalled 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.”

Trust Payments chief commercial officer Jonathan O’Connor said: “Trust Payments continues its disruption in payments with the partnership between Modulr and Ripple delivering a new payment option for settlements. 

“We want to ensure we offer merchants alternatives to traditional methods with reduced fees and increased speed of funding to their accounts.”

Modulr, an FCA-authorised electronic money institution, secured a new investment from FIS Ventures in April 2021.