More joy for Ripple as new partnership announced

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • Ripple set to offer many benefits to customers of its new partner, Finastra – including faster speeds, on-demand liquidity and more
  • Finastra is a cloud banking service which is the third-largest fintech firm in the world, and the new relationship is set to provide reciprocal benefits to the networks of both firms
  • “We’re thrilled to be partnering with a forward-thinking company like Finastra to bring Ripple’s technology to their many customers”, said Ripple spokesperson

Blockchain-powered payment service Ripple has announced that it will work alongside the world’s third-largest financial technology company as part of a new partnership.

Ripple will work with Finastra as part of the deal, and the new connection is expected to allow Finastra’s clients to access the 200 or so financial services organisations who work with RippleNet’s other partners – and vice versa.

The aim of the new reciprocal deal is to enable better cross border payments which are faster and more effective than previously.

As part of the deal, which has just been announced, users will potentially be able to benefit financially thanks to the wealth of information provided on fee levels.

It will also be possible for enhanced data tracking to be performed, especially in areas such as status of payments, delivery times and more.

The service offered by Ripple is provided in the cloud, which means that those participating can enjoy better integration speeds and ensure that their upgrades happen more quickly.

One of Ripple’s key offerings, the On-Demand Liquidity option which uses its digital asset known as XRP, will also be available.

According to Marcus Treacher, who is senior vice president for customer service at Ripple, the new arrangement will mean that “solutions for our partners” will improve.

“We’re thrilled to be partnering with a forward-thinking company like Finastra to bring Ripple’s technology to their many customers”, said Treacher.

“Finastra is an established fintech player and works with a majority of the world’s top banks. 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”, he added.

On Finastra’s part, Riteesh Singh – who is a senior vice president there – said the move showed its “commitment to bringing the latest innovations”.

“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”, he said.

“Collaborating with a company like Ripple that harnesses innovative blockchain technology to provide fast and reliable cross-border payments is particularly beneficial for our customers in geographies where the cost of correspondent banking is high”, he added.

Ripple is often in the online money transfer news – and there are plenty of other stories developing within it too. To learn more about what’s happening in this innovative sector, check out our magazine pages for regular updates. 

 


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