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Ripple teams up with Finastra to provide payment solutions with cross-border payments

Namrata Shukla

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Source: Pixabay

Ripple has teamed up with Finastra, extending the list of Fintech companies that are using Ripple’s blockchain technology for payment solutions to support faster cross-border payments. This collaboration will enable Finastra’s vast customer base to connect and transact with 200 financial institutions on RippleNet.

Marcus Treacher, Senior Vice President of Customer Success at Ripple, expressed his excitement at Ripple partnering with Finastra, a collaboration that will open its services to a significantly huge user base. Treacher added,

“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 already provides a wide range of solutions, and is now trying to promote the future of finance through this tie-up. In a statement, Finastra affirmed its commitment to bringing the latest innovation and option to its users. Riteesh Singh, Senior Vice President, FMS, Finastra said,

“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.”

Finastra’s users will also have the option to use Ripple’s On-Demand Liquidity, enabling it to leverage XRP for cross-border payments.

Finastra reportedly has over 9,000 clients which include 90 of the world’s 100 largest banks. However, only a fraction of the clients are with the company to process payments. This collaboration could open new gates for Ripple, a firm which is trying to promote its solutions to financial institutions, while also helping change the statistics of Finastra.

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.