- The collaboration will allow the UK-based financial software firm to conduct cheaper cross-border payments.
- Finastra’s customers can also opt for on-demand liquidity via the XRP token.
Finastra, the United Kingdom-based financial software firm, is the latest to join RippleNet. RippleNet is Ripple’s global blockchain payments network with over 200 members. Due to this partnership, Finastra’s customers will be able to conduct faster and cheaper international payments. Users will also be able to leverage the blockchain’s transparency to monitor fees, transaction time and conduct end-to-end tracking.
Cointelegraph reported that Finastra’s customers can also opt for on-demand liquidity for cross-border payments via the XRP token.
Riteesh Singh, senior vice president at FMS Finastra, 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.”
Marcus Treacher, SVP of Customer Success at Ripple, also expressed his excitement about the partnership:
“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.”