Ripple’s Blockchain to Support Finastra’s Cross-Border Payments

October 11, 2019 | Digital Assets, FinTech, Headlines, News
https://dailyalts.com/wp-content/uploads/2019/10/fractal-1980711_1920-ripple-finastra-tieup.jpg

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.

Finastra network

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.”

[Related Story:  Investors in Ripple’s XRP Rely on SEC Guidance To Claim It Was An ‘Unregistered Security’]

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2022/01/Bink-app-shot.png
FinTech: Lloyds To Acquire Stake In Loyalty App Bink
January 4, 2022     FinTech, News

Lloyds Banking Group (LON: LLOY), Britain’s biggest mortgage provider, will acquire a minority stake in loyalty app Bink, according to a report by Sky News for an undisclosed amount that…

https://dailyalts.com/wp-content/uploads/2022/01/Screenshot-2022-01-04-at-22-29-49-Screenshot-Pawson-2.png
Digital Assets: Coinbase CEO Armstrong Said To Have Splurged $133M On Home In LA
January 4, 2022     Digital Assets, News, Real Estate

An iconic property in Bel Air, Los Angeles, designed by internationally acclaimed English architect John Pawson changed hands last month for $133 million and the buyer was Coinbase (NASDAQ: COIN)…

https://dailyalts.com/wp-content/uploads/2022/01/47752022922_e4569a2f0e_c.jpg
Alternative Investments/ESG: VegTech Invest Launches Plant-Based Innovation & Climate ETF

VegTech Invest advisory has launched the VegTech Plant-based Innovation & Climate ETF (Ticker: EATV), its first financial product. The ETF offers exposure to publicly traded companies actively innovating with plants…

https://dailyalts.com/wp-content/uploads/2022/01/Screenshot-2022-01-04-at-18-48-26-超·世界.png
Venture Capital: Chinese AI Startup Parametrix Raises $100M, Turns Unicorn
January 4, 2022     Artificial Intelligence, News, Venture Capital

Chinese AI company Parametrix.ai has raised $100 million in a Series B round led by Sequoia China and joined by existing investors 5Y Capital and Gaorong Capital. Though the valuation…