Ripple has announced a partnership with Finastra wherein it will provide its blockchain technology through Finastra’s payment solutions in a bid to fuel cross-border payments. The partnership is expected to enable Finastra’s customers to transact with RippleNet’s partners including around 200 financial institutions and allow the partners to tap into Finastra’s market reach.
“We’re thrilled to be partnering with a forward-thinking company like Finastra to bring Ripple’s technology to their many customers,” said Marcus Treacher, SVP of Customer Success at Ripple. “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.”
The collaboration will allow customers to send international payments with tracking, visibility into fees, delivery time and status. According to the supplier, Finastra’s access to RippleNet aims to enable cheaper and reliable payments for its customers. Ripple’s cloud solution will be hosting customers in order to enhance integration speed with network partners, thus enabling fast upgrades. Its On-Demand Liquidity option will be made available which utilizes digital asset XRP for conducting cross border payments. Access to Finastra’s bank network will allow Ripple’s customers to access and partner with each other, thereby increasing the network volume.
“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 choices 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 the cost of correspondent banking is high,” said Riteesh Singh, Senior Vice President, FMS, Finastra.
Recently, Finastra announced the launch of Fusion Mortgagebot Data Insights in a bid to provide customer behavior insights to users for enhancing borrower experience through Big Data and Machine Learning.