Ripple and Finastra have joined forces to offer Ripple’s blockchain technology. The partnership will support quick cross-border payments through Finastra’s payment solutions. Ripple and Finastra join forces for quick cross border payments.
According to the company’s release, customers from Finastra will be able to connect and trade with more than 200 RippleNet partners, and, in exchange, they will be able to access Finastra’s massive international presence.
Riteesh Singh, Senior Vice President, FMS, Finastra said;
“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.”
This collaboration will allow financial institutions to use Finastra’s solutions to make fast and efficient cross-border payments.
Finastra clients will be stored on the cloud solution of Ripple, which will increase integration speed considerably. His service will also have the flexibility of using On-Demand liquidity that utilizes XRP for cross-border transactions on digital assets.
Finastra banking customers transfer millions of funds every month.
Marcus Treacher, SVP of Customer Success at Ripple said in a statement;
“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.”
Companies like IBM, R3, and Hyperledger also provide cross-border payment solutions based on blockchain technology.