Ripple Partner Launches Internal Invoicing Solution, Can XRP Reach $1?
Ripple’s partner firm Corpay, a leading cross-border business, has unveiled its latest financial tool, the Netting Manager, aimed at automating and streamlining the settlement of internal invoices for multinational corporations with global subsidiaries. According to a press release, the cutting-edge system makes use of intercompany netting, a commonly utilized financial technique among multinational firms to combine transactions in different currencies, yielding considerable time and cost savings.
Streamlined Internal Invoice Settlement
In the news release, Jim Kessler, Vice President of Currency Risk Analytics at Corpay, underlined how simple it is to use the Netting Manager. In contrast to conventional systems that can take months to adopt, the tool’s streamlined and user-friendly design enables firms of all sizes to do so in a couple of days.
One of the Netting Manager’s major advantages is its seamless interface with the most popular core accounting systems used by organizations, which makes intercompany netting simple and effective. The solution greatly lowers costs and eliminates float, resulting in significant savings for firms engaged in cross-border activities. It does this by integrating transactions and eliminating the need for multiple payments and banks.
To improve its cross-border services, Corpay, formerly known as Cambridge Global Payments, signed a partnership agreement with Ripple as early as October 2020. Corpay joined RippleNet, a global network of banks and payment institutions run by Ripple, to make use of the network and enable quick and affordable cross-border payments.
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Can XRP Reach $1?
Given the SEC ruling, XRP is now very positive. Despite the strong atmosphere, the token is down more than 8% over the past week and is currently trading at $0.51. However, the bull run is still alive as evidenced by the XRP price action, which rejects lower prices and floats above $0.70. This emphasizes the existence of solid investors in the $0.69 to $0.67 range.
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