Payment Protocol Ripple Announced Its Collaboration with Fintech Firm Finastra
To give a fillip to a RippleNet, Ripple has announced its collaboration with Finastra. This deal will enable the users of Finastra to use the blockchain technology of Ripple for cross-border transactions. So that you know, Finastra is one of the prominent players in the financial technology domain, providing technology solutions to banks and financial institutions across the globe.
Finastra has more than 9,000 clients and, specifically, among the banks, 90 out of the top 100 banks figure among its clientele. The company provides a range of solutions to the banks and financial institutions, and its revenues are approximately pegged at around $1.9 billion. It’s important to note that this agreement between Finastra and Ripple is for the RippleNet and not for the XRP.
Boost to RippleNet
This new partnership is going to help RippleNet to expand its footprints. With the help of RippleNet, the users will be able to get accurate information about their payments; they can track the status, and also know about the approximate delivery time. Using the blockchain technology, RippleNet will ultimately help to settle the payments on a real-time basis.
Commenting on the occasion, Ripple’s Senior Vice President of Customer Success, Marcus Treacher, said that the association of the Ripple with Finastra is going to help the company to expand its reach and user-base while providing faster, safer, and reliable services to customers. Strategically, this partnership will help Ripple to stand credibly against SWIFT, which is providing services to around 11,000 banks and Financial Institutions. In comparison, Ripple’s footprint is meager, as it has only 200 clients in its kitty.
Riteesh Singh, Senior Vice President, FMS, Finastra, said that this coming together with the Ripple will help their customers to use blockchain technology for cross border transactions. It is especially relevant for the people living in far-flung areas or places where the cost of transactions through the banking system is on the higher side.