JAKARTA - Corpay, a Ripple partner company, has launched a new financial tool called Netting Manager, which aims to automate and streamline the settlement of internal invoices for multinational companies with global subsidiaries.
The system leverages intercompany netting, a financial technique used by multinational corporations to combine transactions in different currencies, resulting in significant time and cost savings.
Netting Manager has the advantage of an easy-to-use interface and seamless integration with the core accounting systems that are popular with organizations.
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This allows companies of all sizes to adopt it in a matter of days, as opposed to months for conventional systems. This solution reduces fees and floats, integrates transactions, and eliminates the need for multiple payments and banks.
In October 2020, Corpay signed a partnership agreement with Ripple to join RippleNet, the global network of banks and payment institutions run by Ripple. This allows Corpay to enhance its cross-border services by leveraging the Ripple network and providing fast and affordable cross-border payments.
Meanwhile, XRP, Ripple's token, has experienced positive price action following the SEC ruling. Despite losing around 8% over the past week, XRP is showing a solid presence for investors in the $0.69 to $0.67 price range. Despite the price fluctuations, there are hopes that XRP may reach the $1 level with further developments in the future.
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