Ripple Partners OpenPayd for Faster Cross-Border Payments

Ripple, the blockchain-based digital payment network and protocol, has announced a new partnership with OpenPayd, a financial infrastructure provider. This collaboration aims to enhance access to swift and compliant cross-border payments using Ripple's platform.

The partnership will enable OpenPayd to support the conversion of payments made via Ripple into Euros (EUR) and British Pounds (GBP). Additionally, OpenPayd's stablecoin infrastructure will be integrated into the burning and issuance processes of Ripple's USD-backed stablecoin, RLUSD. This integration will provide direct minting and burning capabilities for Ripple USD (RLUSD), streamlining the process for enterprises.

According to the official statement, the collaboration between Ripple and OpenPayd is expected to significantly accelerate cross-border payment processes while reducing associated costs. This development is part of Ripple's ongoing efforts to expand its network and improve the efficiency of global financial transactions.

OpenPayd, founded by Turkish businessman Ozan Özerk, operates in multiple regions including Türkiye, Bulgaria, Malta, France, and the USA. The company's infrastructure will play a crucial role in facilitating the seamless movement of funds between fiat currencies and Ripple's stablecoin, RLUSD.

This partnership underscores Ripple's commitment to leveraging blockchain technology to revolutionize the traditional financial system. By collaborating with OpenPayd, Ripple aims to provide enterprises with a more efficient and cost-effective solution for cross-border payments, further solidifying its position in the cryptocurrency industry.