Ripple’s Blockchain to Support Finastra’s Cross-Border Payments
Enterprise blockchain provider and payment network Ripple has tied-up with giant fintech Finastra.
The latter’s users can utilize Ripple’s blockchain based network and its RippleNet partners for cross-border payments.
Moreover, RippleNet, a global blockchain payments network, has over 200 financial institutions as its global partners. These entities will also have access to Finastra’s massive global network of banks.
Banks on the Finastra network process millions of transactions every month. Ripplenet’s blockchain network will make cross-border payments cheaper, faster and more dependable for Finastra’s users.
[Related Story: Vista Equity Partners May Sell Partial Stake in Fintech Giant Finastra ]
Finastra earns $1.9 billion in revenues and has 10,000 employees. Vista Equity Partners might reportedly sell a 50% stake in Finastra, according to Bloomberg.
Riteesh Singh, SVP, FMS for Finastra, said Ripple’s blockchain was highly innovative technology. Its network would, therefore, be very useful for Finastra’s customers located in areas with expensive banking.
Finally, users would be able to send international payments with full tracking and transparency of fees, delivery time and current status.
“Finastra is an established fintech player and works with a majority of the world’s top banks,” said 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.”
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