To ensure that cross-border payments are processed as quickly as possible, a partnership between Ripple, the enterprise blockchain solution for global payments, and Finastra took place. 

This teaming up allows Finastra’s customers to connect and transact with RippleNet partners, which include more than 200 financial institutions worldwide. In turn, partners can access Finastra’s vast global footprint. It will also enable international payments with better security as users can enjoy the benefit of end-to-end tracking and visibility into fees, delivery time, and status.

The customers and users of Finastra will get access to RippleNet, Ripple’s global Blockchain payments network, which is the path to faster, cheaper, and more reliable payments. Hosting of the customers will be on Ripple’s cloud solution that will boost the speed of integration with other network partners and help in enabling quicker upgrades. 

They will even have the liberty to use On-Demand Liquidity, which leverages the digital asset XRP for cross border payments.

Finastra will provide Ripple’s 200+ customers access to its extensive network of banks, allowing mutual customers to easily access and collaborate, increasing overall volume on the system. Millions of transactions are being processed as of now by Finastra’s banking customers, per month.

Marcus Treacher, SVP of Customer Success at Ripple, says,

“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.”

Riteesh Singh, the Senior Vice President, FMS, Finastra, mentioned how the partnership of Finastra with Ripple is a strong example of Finastra’s belief that the finance sector is all set to be open for the future and it exhibits their abiding commitment to bringing the latest innovations and choice to their 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,” he further added.