The post Corpay and Ripple Collaborate to Launch the Netting Manager, Will This Boost XRP Price? appeared first on Coinpedia Fintech News In a recent development that promises to simplify the financial landscape for multinational corporations, Corpay, a partner of Ripple, has lau...
The post Corpay and Ripple Collaborate to Launch the Netting Manager, Will This Boost XRP Price? appeared first on Coinpedia Fintech News
In a recent development that promises to simplify the financial landscape for multinational corporations, Corpay, a partner of Ripple, has launched an innovative internal invoicing solution called the Netting Manager. This advanced system looks to streamline and automate the settlement of internal invoices for businesses operating globally.
The Rise of the Netting Manager
The Netting Manager harnesses the power of intercompany netting, a widely used financial technique that consolidates transactions across different currencies. This not only simplifies transactions but also provides considerable cost and time savings.
Jim Kessler, Vice President of Currency Risk Analytics at Corpay, drew attention to the ease-of-use offered by the Netting Manager. Unlike traditional systems that can take months to implement, Kessler highlighted how the Netting Manager’s streamlined and user-friendly design allows firms of all sizes to adopt the tool in just a few days.
A Game Changer for Cross-Border Activities
One of the most significant features of the Netting Manager is its compatibility with popular core accounting systems. This integration simplifies intercompany netting, reducing costs, and eliminating float, which is a game-changer for firms engaged in cross-border activities.
The solution integrates transactions and negates the need for multiple payments and banks, further adding to its appeal for businesses operating across borders. Corpay, initially known as Cambridge Global Payments, teamed up with Ripple in October 2020, joining RippleNet to leverage the network for fast, affordable cross-border payments.
Impact on XRP: Can it Reach $1?
As Corpay ramps up its cross-border services with innovative tools like the Netting Manager, many are questioning what this means for Ripple’s native cryptocurrency, XRP. Currently trading at $0.51, the token has seen a dip of more than 8% over the past week. However, analysts and investors are positive, eyeing a potential surge to the $1 mark.