Ripple Labs Inc has taken one more step in consolidating its global remittances and payments network with a new partnership with London-based Fintech firm Finastra. The company announced this yesterday in a statement indicating the partnership will offer Finastra’s customers access to Ripple’s Mainnet blockchain.
Being one of the most successful banking software solutions firms in the world, Finastra offers software solutions to all across the financial value chain and the global linkages it has access to has made it one of the most sought-after technology firms with hands in almost every pie. In its statement, Ripple Labs stated:
“…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”.
With a customer base that includes more than 90% of the top banks and financial institutions in the world, Finastra’s major advantage has more to do with other transactional activities beyond retail banking. This indicates that with access to Ripples’ network, institutional clients will be focused on the settlements and clearing systems that Ripples’ blockchain has to offer.
With over 200 financial institutions within its ecosystem, Ripple will introduce Finastras partners to these banks and financial institutions; something that is a win-win for both partners. Marcus Treacher, SVP of Customer Success at Ripple said in the statement:
“We’re thrilled to be partnering with a forward-thinking company like Finastra to bring Ripple’s technology to their many customers,”.
“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.”
Riteesh Singh, Senior Vice President, FMS, Finastra stated:
“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. 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,”
This follows a year of innovation for Ripple Labs who has made quite a few steps in the right direction. This month alone, it acquired blockchain startup Algrim which gave it greater leverage in Europe and it also opened up Xpring to allow external developers to work on apps and projects that will interface with Ripples’ Mainnet.
This shows that cryptocurrency adoption has started and we shall see more of these kinds of partnerships next year and in the next decade.
XRP’s price at the time of writing sits at $0.27 which indicates a 3.81 % drop in the last twenty-four hours.