Finastra Partners Ripple to Improve Cross-border Payments

A London-based financial technology company, Finastra is enhancing its payments solutions to support fast cross-border payment using RippleNet, Ripple’s global payment network, according to a press release today.

Following the new partnership, Finastra will be able to connect and transact with RippleNet global partners which comprise of at least 200 financial institutions.

Finastra users will now be able to make international payments with end-to-end tracking and visibility into fees while also having, delivery time and status.

Ripple, according to the report, will host Finastra’s users on its cloud solution to ensure a faster, cheaper and reliable payment. The idea allows Finastra to improve its speed of integration with other network partners, as well as for faster upgrades.

According to Marcus Treacher, SVP of Customer Success at Ripple, “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.”

As for payments with XRP, Ripple said, “they will also have the option to use On-Demand Liquidity, which leverages the digital asset XRP for cross border payments.”

Ripple partners, in turn, can equally access Finastra’s vast global footprint, an extensive network of banks, while allowing mutual customers to directly access and partner with each other. A bid that can increase the overall volume on the network.

Riteesh Singh, Senior Vice President, FMS, Finastra comments: 

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 choice to our customers.

In continuous support for cross-border payments, Ripple’s investment subsidiary, Xpring introduced a new platform on October 2, to help developers integrate fiat and cryptocurrency payments into any application, based on the XRP coin.