Ripple announced today a new partnership with Finastra, a fintech firm with $1.9 billion in revenue, to provide fast cross-border payments using Ripple’s blockchain technology.
The collaboration will allow Finastra’s customers – corporate, institutional and retail – to access Ripple’s global payment network RippleNet, which has over 200 members, and it will provide them with “faster, cheaper and more reliable payments.” The partnership will also give Ripple’s customers access to Finastra’s extensive global system, including its broad network of banks. In addition to this, customers will be able to use On-Demand Liquidity, leveraging XRP for cross-border payments, ensuring they are sent and received in local currencies on both sides of a transaction.
In a blog post published today, SVP of Customer Success at Ripple Marcus Treacher stated that the collaboration will “expand the reach and solutions for [Ripple’s] partners, and the footprint of RippleNet while allowing customers to transact directly with each other”. The partnership will allow mutual customers from Ripple and Finastra to access each other easily through the latter’s extensive network of banks, making it simpler to partner up and increase the overall volume of Finastra’s network.
Finastra, which is based in the U.K. and has offices in Toronto, was formed in 2017 by the combination of Mysis and D+H. The firm provides financial software solutions using next-generation technology to more than 9,000 customers all around the world, ranging from global financial institutions to community banks and credit unions, including 90 of the top 100 banks globally.
Riteesh Singh, Senior Vice President, FMS, Finastra, stated that this collaboration and the innovative use of blockchain technology that Ripple provides “is particularly beneficial for [their] customers in geographies where cost of correspondent banking is high”.