Ripple is offering its blockchain technology through Finastra’s payment solutions to support faster cross-border payments.
This move comes as part of a partnership between the two FinTechs. The collaboration also enables Finastra’s customers to connect and transact with RippleNet partners, made up of over 200 financial institutions globally, while partners can access Finastra’s global footprint.
Users also gain the ability to send international payments with end-to-end tracking and visibility into fees, delivery time, and status.
Finastra’s customers using the RippleNet blockchain payments network will be hosted on Ripple’s cloud solution which will improve the speed of integration with other network partners.
The deal gives Ripple’s 200 customers access to Finastra’s network of banks and foster more partnerships.
Finastra, which builds a variety of financial solutions, is reportedly in the middle of a potential transfer of ownership. The company’s current owners, Vista Equity Partners is looking to sell a proportion of its stake in the business, which could be as much as 50%.
Finastra senior vice president Riteesh 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 cost of correspondent banking is high.”
Ripple’s blockchain network was recently implemented by Santander to help create a “payment corridor” via Latin America and the US. The deal sees the FinTech enable free money transfers between the markets.
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