#United States #New York #Ramp #stablecoin #Stripe

Ramp and Stripe Collaborate to Improve Global Commerce

In a groundbreaking collaboration, Ramp, a leading name in corporate cards and financial operations in the U.S., has announced an expansion of its partnership with Stripe, the acclaimed programmable financial services provider. This initiative marks the introduction of stablecoin-backed corporate cards, a first in the industry, combined with robust spend management software. By leveraging their strengths, both companies aim to significantly enhance global commerce, offering businesses more efficient tools to navigate cross-border transactions.

Today's businesses encounter immense challenges when it comes to transferring money internationally. Payments often take five or more days to settle, and costs can soar above $50 per transaction. Moreover, fluctuations in currency values, as seen with the rapid depreciation of Argentina's peso, introduce significant risks to companies operating globally. To make matters worse, navigating country-specific regulations for issuing corporate cards can be a complicated affair that leads to extended delays and considerable frustration for companies.

Eliminating Financial Hurdles

The newly designed stablecoin-backed corporate cards from Ramp and Stripe aim to eliminate these significant hurdles. With these cards, businesses can experience:

• - Faster Settlements: The transition to stablecoins enables near-instantaneous cross-border transactions, drastically reducing waiting times.
• - Lower Transaction Costs: By minimizing the fees associated with international payments, companies can save substantial amounts on each transaction.
• - Protection Against Currency Volatility: Funds are held in dollar-equivalent values, carefully shielding businesses from local currency fluctuations that could otherwise erode purchasing power.
• - User-Friendly Experience: The Ramp corporate card simplifies the transaction process. Cardholders can make purchases in their local fiat currencies, while merchants receive payments in fiat, streamlining the entire payment cycle.

Businesses can easily fund their wallets using local currency, which is smoothly converted to stablecoins, or they can deposit stablecoins directly into their accounts. This flexible funding model enhances accessibility for companies in different markets, aligning perfectly with Ramp's commitment to fostering global growth without overwhelming operational complexities.

Vision for the Future of Global Commerce

Subham Agarwal, Director of Product and Head of Product Marketing at Ramp, emphasized the company's forward-thinking vision: "Ramp believes in not just responding to industry trends but creating the future itself. The product we are developing in partnership with Stripe is about improving how businesses spend globally, empowering our customers everywhere with a radically simpler and more stable way to transact across borders. We saw the pain our customers experience from inefficiencies in international finance, and are working hard to fix it."

As this partnership unfolds, access to these innovative financial tools will extend particularly to businesses in emerging markets, which are often overlooked by traditional financial services. By combining stablecoin-backed cards with Ramp’s powerful financial infrastructure, the initiative is poised to accelerate economic growth, especially in regions that stand to benefit the most.

The launch will begin with select markets in Latin America, responding to the pressing demand from businesses wanting to utilize stablecoins for storing value and facilitating purchases. This strategic move will then expand to additional countries in Europe, Africa, and Asia, further enhancing the platform's reach and impact.

Enhanced Financial Operations for All

Ramp has already demonstrated its capability in transforming financial operations, saving companies $2 billion and 20 million hours since its inception in 2019. The platform integrates various functionalities including payments, corporate card issuance, vendor management, procurement, travel booking, and automated bookkeeping—all designed to maximize both time and monetary efficiency for businesses of all sizes.

In light of these updates, companies eager to streamline their international payment processes are encouraged to explore Ramp’s offerings further by visiting www.ramp.com. By adapting rapidly to the shifting financial landscape, Ramp and Stripe are not just reacting to challenges, but are actively reshaping the future of global commerce with innovative solutions that promise stability and efficiency, paving the way for a truly interconnected business world.

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