Finastra Partners With RippleNet
October 9, 2019 9:58 pm
Ripple recently announced that the new collaboration will allow Finastra’s customers to connect and transact with RippleNet to provide faster and cheaper cross-border payments. However, more than 200 financial institutions on RippleNet will have access to Finastra’s network of banks, providing mutual customers to access and partner with each other.
Users can send international payments with end-to-end tracking and monitoring of the fees, transaction time and status. The partnership also plans to increase the speed of integration with other network partners allowing faster upgrades. However, Finastra’s customers can use on-demand liquidity, which grasps Ripple’s digital currency XRP for cross-border payments.
Riteesh Singh, senior vice president at FMS Finastra, said that a partnership between Ripple is especially beneficial for customers in “geographies where the cost of correspondent banking is high.”
Mr. Singh added:
“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.”