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Blockchain startup Ripple has announced its partnership with fintech company Finastra aimed at facilitating faster cross-border payments.
Through this partnership, Ripple will offer its blockchain technology through Finastra’s payments solutions to support fast international payments. Finastra’s customers will be able to connect and transact with RippleNet partners, who in turn would benefit from Finastra’s global footprint.
According to a press release, users will be able to send international payments with end-to-end tracking and visibility into fees, delivery time and status. They will also have the option to use On-Demand Liquidity, which leverages XRP for cross border payments
“We’re thrilled to be partnering with a forward-thinking company like Finastra to bring Ripple’s technology to their many customers,” said Marcus Treacher, SVP of Customer Success at Ripple. “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.”
RippleNet is Ripple’s global blockchain payments network which counts more than 200 financial institutions worldwide.
Riteesh Singh, Senior Vice President, FMS, Finastra, said that the collaboration will be particularly beneficial for their customers in geographies where cost of correspondent banking is high.
“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,” Singh said.
Finastra itself rolled out its own blockchain solution, Fusion LenderComm, as an app on R3’s Corda platform in April 2018. The solution aims to transform and streamline the global syndicated loans market. It can be recalled that Finastra on-boarded BNP Paribas, Natixis and Societe Generale on the platform in May this year, while NatWest became the first bank to integrate with the platform last year.
