Earlier today, Ripple took to their website to announce their partnership with a financial software company, Finastra, to push its blockchain technology in banking even further.
According to the publication, Ripple will now be free to offer its blockchain settlement technology to Finastra’s banking customers following the agreement. In a bid to fuel international settlements, Ripple will provide its blockchain technology through Finastra’s settlement solution.
As per the details surrounding the partnership, Finastra’s customers will be able to transact with Ripple’s existing partners that include over 200 financial institutions. In turn, Ripple partners will have the mandate to tap into Finastra’s market reach taking advantage of its reliable banking environment.
According to the Senior Vice President of Customer Success at Ripple, Marcus Treacher,
“As a blockchain and crypto company, we are thrilled to partner with a forward-thinking business such as Finastra to avail our blockchain technology to their huge customer base.”
“Finastra is not your ordinary company as it is an established fintech stakeholder who works with a majority of the world’s leading financial institutions and banks. This working agreement is poised to expand Ripple’s reach and its network’s footprint while enabling its customers to execute transactions directly with each other.”
Under the partnership, Finastra’s huge customer base will have access to Ripple’s network, Ripple’s global blockchain settlement platform, to provide faster, cheaper, and more secure settlements.
The partnership will permit customers to transfer cross-border settlements with visibility into fees, delivery time and status, and tracking. Also, Ripple’s cloud solution will host customers promising to improve integration speed with other network partners, thus allowing for faster upgrades. All the customers will have their wallets securely stored by Ripple’s cloud service. This will improve the operational speeds associated with transactions.
For the partnership to be a win-win agreement, Ripple customers will also have to receive benefits from Finastra. And according to the arrangement present between the two companies, Ripple users will also have access to Finastra’s platform of banking institutions. This will allow Ripple customers to communicate and partner with each other in reciprocated transactions.
Finastra’s customer base will also have the option to access Ripple’s new On-Demand Liquidity product that utilizes Ripple’s default currency, XRP. According to a senior ranking Finastra executive:
“Partnering with a solid company as Ripple that supports innovative blockchain technologies to provide reliable and fast international settlements is particularly beneficial for our clients in regions where the cost of corresponding banking is high.”
Ripple’s network volume is poised to increase drastically following the partnership between the two companies given that the Finastra banking platform will allow Ripple customers to access and trade with each other.
Finastra’s Senior Vice President, Ritesh Singh said:
“Finastra’s partnership with the crypto and blockchain technology company, Ripple, is another strong indication that Finastra believes the future of finance is open. Our move to partner with Ripple is also an indication that we are committed to bringing the latest innovations and adoptions to our customers.”
Recently, the London-based payment service provider, Finastra, announced to the world its decision to launch its Fusion Mortgagebot Data Insights product in a bid to gather customer behavior insights. Finastra intends to avail the customer behavior insights to users to improve borrower experience through Machine Learning and Big Data.
In the past few months, Ripple has been facing some regulatory and legislative problems as several disgruntle XRP investors decided to take the company to court.
The charges assert that Ripple’s XRP should be treated as a security, which means the crypto company has violated several US securities laws. However, the Ripple legal team has rubbished the claims during the court appearances with solid arguments. Hopefully, crypto followers will see the end of the legislative challenge soon.
Ripple’s budding relationship with Finastra is sure to solidify the blockchain firm’s position as a market leader in the cross-border blockchain payment industry. Also, the partnership is situated to serve as am example of how successful blockchain and be in banking.
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