Finastra has partnered with Ripple blockchain solutions for using blockchain technology for its cross border transactions.
The contract will facilitate Finastra customers with efficient and speedy operations using Ripple’s blockchain-based cloud network. Ripple will induce its RippleNet network for providing the blockchain services.
The strategic collaboration will benefit hundreds of financial institutions of Ripple to connect with Finastra’s vast global network of customers. The customers from both the firms will access each other’s resources and will transact for mutual gains.
Blockchain Technology: a Boon for the Banking Sector
Blockchain technology records and validates every ongoing transaction without third party interference. It is thus, decentralized in nature with optimum security and cost-cutting feature.
How Will Finastra Customers Get the Benefit?
Established in 2017, by merging Misys and D+H, Finastra holds an open and innovative approach towards deploying the latest technology for its cloud-based network in the financial services sector.
This network virtually carries millions of monthly cross border transactions. These transactions will now become faster and will integrate rapidly than ever with other networks. The cloud facility will also create a larger scope for system upgrading.
The clients will be able to use the option of ‘On Demand Liquidity’ with Ripple for international transactions. Finastra customers will also be able to track peer to peer transactions with more security and transparency in included operational costs and status of the transactions.
Ripple provides cross border payment solutions via blockchain technology. The usage of blockchain technology signifies more security, cost-cutting in transactional costs, more speed in transactions, and thus provides ultimate banking experience to the customers. Ripple has a strong network of 200 customers across the globe with branches at New York, London, Singapore, San Francisco, Mumbai Sao Paulo, Dubai Sydney, etc. Both the firms are excited about the engagement and have expressed their optimism towards the venture.
Marcus Treacher, global head of strategic accounts at Ripple, promptly tweeted about the joint venture by remarking it as a significant step towards the global growth of RippleNet.
Great article on Ripple's engagement with Finastra. This will further accelerate #RippleNet growth worldwide, bringing the benefits of blockchain to many more banks https://t.co/4GPeucPvLb via @Finextra
— Marcus Treacher (@marcus_treacher) October 9, 2019
In his official statement, he concluded, “This partnership will enable Ripple to expand the reach and solutions for our partners and the footprints of RippleNet while allowing customers to transact directly with each other.”
Finastra SVO, FMS, Riteesh Singh, said,
Collaborating with a company like Ripple that harnesses innovative blockchain technology to fast and reliable cross border payment is particularly beneficial for our customers in geographies where the cost of correspondent banking is high.