Ripple, a provider of enterprise blockchain solutions for payments, announced on Wednesday it has teamed up with Finastra to offer its blockchain technology through Finastra’s payment solution to support cross-border payments. It was revealed:
“As part of the collaboration, Finastra’s 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.”
Ripple also revealed that Finastra’s customers will have access to global blockchain payments network RippleNet. Customers will notably be hosted on Ripple’s cloud solution, which Ripple claims will significantly improve the speed of integration with other network partners and allow for faster upgrades. Speaking about the collaboration with Finastra, Marcus Treacher, SVP of Customer Success at Ripple, stated:
“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.”
Riteesh Singh, Senior Vice President of FMS at Finastra, went on to add:
“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.”