Collaboration will enable financial institutions using Finastra’s solutions to make fast and reliable cross-border payments
LONDON–(BUSINESS WIRE)–Ripple, the enterprise blockchain solution for global payments, and Finastra have teamed up to offer Ripple’s blockchain technology through Finastra’s payments solutions to support fast cross-border payments. 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.
Finastra’s hundreds of customers will have access to RippleNet, Ripple’s global blockchain payments network, to provide faster, cheaper and more reliable payments. Customers will be hosted on Ripple’s cloud solution which will significantly improve 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.
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,” 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.”
“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,” said Riteesh Singh, Senior Vice President, FMS, Finastra.
Finastra unlocks the potential of people and businesses in finance, creating a platform for open innovation. Formed in 2017 by the combination of Misys and D+H, we provide the broadest portfolio of financial services software in the world today—spanning retail banking, transaction banking, lending, and treasury and capital markets. Our solutions enable customers to deploy mission critical technology on premises or in the cloud. Our scale and geographical reach means that we can serve customers effectively, regardless of their size or geographic location—from global financial institutions, to community banks and credit unions. Through our open, secure and reliable solutions, customers are empowered to accelerate growth, optimize cost, mitigate risk and continually evolve to meet the changing needs of their customers. 90 of the world’s top 100 banks use Finastra technology.
Please visit www.finastra.com.
Ripple provides one frictionless experience to send money globally using the power of blockchain. By joining Ripple’s growing, global network (RippleNet), financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. With offices in San Francisco, New York, London, Mumbai, Singapore, São Paulo, Reykjavik, Dubai and Sydney, Ripple has more than 200 customers around the world.