Ripple partners with Finastra for boosting Cross Border Payments

Ripple recently announced a partnership with a finance software company, Finastra, to push its blockchain technology in banking even further.

According to the announcement, Ripple will provide its blockchain settlement technology to Finastra banking customers following the statement. In a bid to fuel the international settlements, Ripple will offer its blockchain technology with the help of a Finastra settlement solution for fast cross-border payments.

As per the details surrounding the partnership, Finastra customers will able to transact with Ripple’s existing partners that include more than 200 financial institutions. In turn, Ripple partners can easily tap into the Finastra market reach, which takes the advantages of its reliable banking environment.

Executive Opinion

SVP of Customer Success at Ripple, Marcus Treacher, said, '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."

Senior Vice President, FMS, Finastra, Ritesh Singh, said, "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."

Ripple and Finastra deal

Under this new partnership, Finastra's huge customer base can access to the RippleNet, Ripple's global blockchain settlement platform, to provide cheaper, faster, and more secure settlements.

The partnership will permit the customers to transfer the cross-border settlements with visibility into fees, delivery time and status, and tracking. Also, the Ripple cloud solution will host the customers promising to improve the integration speed with some other network partners, thus allows for faster upgrades.

For the partnership to be a win-win agreement, Ripple customers will also have to receive the benefits from the Finastra. And according to the arrangement which is present between the two companies, Ripple users will also have access to the Finastra platform of the banking institutions.

This will allow the Ripple customers to communicate and partner with each other in reciprocated transactions.

Finastra customer base will also have the option to access Ripple's new On-demand Liquidity product that utilizes the Ripple default currency, XRP.

Ripple network volume may increase dramatically following the partnership between the two companies, given that the Finastra banking platform will allow the Ripple customers to access and trade with each other.