Global blockchain payment transaction firm Ripple has teamed up with London-based fintech Finastra to incorporate blockchain technology through Finastra’s payments solutions.
The new partnership is expected to support and improve the time scale for cross-border payments.
Finastra’s customers will now be able to connect and transact with RippleNet partners – consisting of more than 200 financial institutions worldwide.
Users will also be able to send international payments with end-to-end tracking and visibility into fees, delivery time and status.
“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, 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.”
RippleNet is the company’s global blockchain payments network, developed to provide faster, cheaper and more reliable payments.
Customers will be hosted on Ripple’s cloud solution which is expected to “significantly improve” speed of integration with other network partners and enable faster upgrades.
Furthermore, clients will also have the ability to use On Demand Liquidity, a solution that leverages the digital asset XRP for cross border payments.
For existing customers of Ripple, they will gain access to Finastra’s network of banks, allowing mutual customers to access and partner with each other in turn increasing overall volume on the network.
Riteesh Singh, SVP, FMS, Finastra explained: “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.”