Ripple brings blockchain-powered payments to Finastra
Ripple is collaborating with financial software company Finastra, boosting both companies' reach in the cross-border transaction market.
Under the agreement, London-based Finastra will provide its customers with the RippleNet payments network, while Finastra customers will also have the option to use On Demand Liquidity services through Ripple, a system that uses the XRP digital tokens for payments.
In return, Ripple's more than 200 customers will get access to Finastra's network of banks, making it easier to partner with each other for certain services or products. Finastra says its banking customers currently process millions of transactions each month.
"This partnership will enable Ripple to expand the reach and solutions of our partners, and the footprint of RippleNet, while allowing customers to transact directly with each other," Marcus Treacher, senior vice president of customer success at Ripple, said in a Wednesday press release. "Finastra is an established fintech player and works with a majority of the world's top banks."
Finastra was formed in 2017 by the combination of Misys and D+H. The financial services provider says that 90 of the world's top 100 banks use Finastra technology.
"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 in innovations and choice to our customers," Riteesh Singh, senior vice president of financial services at Finastra, said in the release.
Last week, San Francisco-based Ripple unveiled its Xpring Developer Platform, essentially opening Ripple technology to third-party developers to create new products using the XRP tokens.
Ripple's latest announcements come on the heels of competing blockchain and digital currency provider Interstellar hiring Mike Kennedy, creator of the Zelle P2P network, as its CEO.