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Ripple Inks New Partnership with Major London Bank Finastra 

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Ripple Inks New Partnership with Major Bank Finastra

A London-based fintech solutions provider, Finastra is the latest to confirm its partnership with San-Francisco based Ripple, enabling cross-border payments using RippleNet. 

On October 09, 2019, the fintech giant announced via its official website, stating that the “collaboration will enable financial institutions using Finastra’s solutions to make fast and reliable cross-border payments”.

It’s no secret that Ripple is on its race to bring major fintech providers under its RippleNet Zone. However, Finastra is a global financial solution provider that will now offer its hundreds of customers the cross-border services based on Ripple’s global blockchain payment network, RippleNet. Finastra’s customers will now able to use a cloud-based solution that connects with other payment networks and allow faster upgrades. Moreover, it also offers “On-Demand Liquidity” that leverage XRP to perform cross-border transactions. 

Ripple currently has over 220 customers, in fact, Ripple’s executive (during Ripple’s partnership deal with Pakistan based  Faysal Bank Limited) mentioned that Ripple now counts around 250 customers, but the official release on the complete list of RippleNet customers is yet to be revealed by Ripple. However, with the addition of Finastra which currently processes millions of transactions each month, over 220 customers of Ripple will now provide mutual service for Finastra’s customers. 

Finastra in its official press releases shared on its website states that; 

As part of the collaboration, Finastra’s customers will be able to connect and transact with RippleNet partners – more than 200 financial institutions worldwide – and in turn, partners can access Finastra’s vast global footprint. Users will also be able to send international payments with end-to-end tracking and visibility into fees, delivery time and status.

Referring to Ripple’s new partnership with Finastra, Ripple’s SVP customer success, Marcus Treacher says; 

“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.”

Notably, Fintastra’s reported revenue is $1.9 billion which operates with a wide array of financial services. As for now, the deal only concerned with RippleNet and not the native token XRP. 

Image Source – Flickr

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