Ripple has partnered with Finastra, a London-based fintech company, to allow users to send cross-border payments using its blockchain solution.
Per the agreement, Ripple will offer its blockchain through Finastra’s payment solutions. This will enable the fintech platform’s customers to connect and transact with RippleNet partners.
Ripple has tied up with over 200 financial institutions globally for its RippleNet project. These entities can also access Finastra’s vast global footprint for their advantage.
Commenting on the partnership, Marcus Treacher, SVP of Customer Success at Ripple, 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.”
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Ripple will host all the customers on its cloud solution, which will improve the speed of integration with other network partners and allow for faster upgrades.
The platform will also provide end-to-end tracking and visibility into fees, delivery time, and status. In addition, they will have the option to use On-Demand Liquidity, which leverages the digital asset XRP for cross border payments.
On-boarding major banks as partners
In August, Ripple signed PNC Bank, one of the top ten lenders in the US, to become a part of RippleNet. Meanwhile, the company is strengthening its presence in Europe and recently acquired Icelandic crypto trading platform Algrim.
“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,” said Riteesh Singh, senior vice president at Finastra.
“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.”