London-based fintech firm Finastra has joined Ripple’s blockchain-based payments network, RippleNet, seeking faster cross-border payments.
The move will allow Finastra’s customers i.e. banks and financial institutions, to connect and transact with RippleNet’s over 200 partners, making international payments “fast and reliable,” said Finastra, which has $1.9 billion in revenues, and over 9,000 customers, including 90 of the top 100 banks globally.
The fintech firm’s customers will also have an option to use Ripple’s On-Demand Liquidity product, which uses XRP cryptocurrency for cross-border payments, Ripple said in a separate statement Wednesday. It added that Finastra’s banking customers currently process "millions of transactions each month.”
Riteesh Singh, senior vice president at Finastra said that the partnership with Ripple will particularly be beneficial for the firm’s customers in regions where the "cost of correspondent banking is high.”