Ripple, the enterprise blockchain solution for global payments, today announced it has teamed up with financial software service provider Finastra to offer Ripple’s blockchain technology through Finastra’s payments solutions to support fast cross-border payments.
As part of the collaboration, Finastra’s hundreds of customers will be able to connect and transact with RippleNet partners – more than 200 financial institutions worldwide – and in turn, partners can access Finastra’s vast global footprint. Users will also be able to send international payments with end-to-end tracking and visibility into fees, delivery time and status.
Finastra customers will be hosted on Ripple’s cloud solution which will significantly improve the speed of integration with other network partners and allow for faster upgrades. They will also have the option to use On-Demand Liquidity, which leverages the digital asset XRP for cross border payments.
“Finastra’s collaboration with Ripple is another strong example of Finastra’s belief that the future of finance is open, and it demonstrates our commitment to bringing the latest innovations and choice to our customers. Collaborating with a company like Ripple that harnesses innovative blockchain technology to provide fast and reliable cross-border payments is particularly beneficial for our customers in geographies where cost of correspondent banking is high.”
– Riteesh Singh, Senior Vice President, FMS, Finastra
This partnership will give Ripple’s more than 200 customers access to Finastra’s extensive network of banks, allowing mutual customers to easily access and partner with each other, increasing overall volume on the network. Finastra’s banking customers currently process millions of transactions each month.
“We’re thrilled to be partnering with a forward-thinking company like Finastra to bring Ripple’s technology to their many customers. Finastra is an established fintech player and works with a majority of the world’s top banks. This partnership will enable Ripple to expand the reach and solutions for our partners, and the footprint of RippleNet while allowing customers to transact directly with each other.”
– Marcus Treacher, SVP of Customer Success at Ripple
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