Finastra startup will utilize the Ripple blockchain technology for payment solutions to support more rapid cross-border payments. This collaboration will enable the customers of Finastra to connect and transact with 200 financial institutions on RippleNet.
Senior VP:Customer Success at Ripple Marcus Treacher talked about the collaboration with Finastra, noting that this cooperation will open its services to a considerably huge users base and will let them transact directly with each other.
Our partnership with @FinastraFS is an important milestone as we continue to build our global coverage with #RippleNet – great stuff! https://t.co/ROQ9lRIlOs
— Marcus Treacher (@marcus_treacher) October 9, 2019
Besides the broad sector of solutions that Finastra already provides, the company is now trying to promote the future of finance through this tie-up.
Senior Vice President of FMS at Finastra Riteesh Singh mentioned that cooperating with Ripple will be beneficial for their customers “in geographies where cost of correspondent banking is high”.
The users of Finastra will also be able to use On-Demand Liquidity of Ripple, enabling it to leverage XRP for cross-border payments.
Finastra has over 9000 clients which include 90 of the world’s 100 largest banks. However, only a little part of the clients are with the company to process payments.