Ripple partners with the world's third largest fintech company, Finastra

The payment network Ripple announced a partnership with the financial technology company Finastra, granting its customers access to the RippleNet blockchain network.

According to a report by The Fintech Times on 10/16, the collaboration between the two companies will enable Ripple's existing 200+ customers to access Finastra's extensive banking network, which includes 48 of the top 50 banks globally. This partnership settles millions of transactions annually.

Finastra, formed in 2017 through the merger of Misys and D+H, was hailed as a "global giant in the financial software market" at the time of its establishment. Ripple's Marcus Treacher also noted that Finastra is a mature fintech company collaborating with most top banks globally, stating:

This collaboration will enable Finastra to expand coverage and solutions for our partners and broaden RippleNet's coverage, allowing customers to transact directly with each other.

Customers will be able to conduct cross-border transactions with end-to-end tracking and verification of costs, delivery times, and status for transparent oversight. Customers will also be hosted on Ripple's Cloud solution to enhance speed, with the option to utilize Ripple's liquidity solution supported by XRP, which reportedly offers a settlement time of 3 seconds for international payments.

Riteesh Singh, Senior Vice President of Finastra FMS, stated in a release:

This partnership reflects our belief that the future of finance is open, and the use of blockchain technology is particularly advantageous for customers in jurisdictions with high banking costs.

In August of this year, PNC, the eighth-largest bank in the US with around $400 billion in assets, became the first US bank to start using the RippleNet blockchain network for cross-border payments.

Further Reading

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