Payment network Ripple revealed October 9 its partnership with fintech company Finastra.
Utilizing Ripple’s blockchain-based platform, Finastra clients would now be able to connect with the 200 partners on RippleNet, a global payments system using the XRP digital currency.
RippleNet clients additionally gain access to Finastra’s banking partnerships, which settle millions in transactions every year, the firm stated in an announcement.
“Finastra is an established fintech player and works with a majority of the world’s top banks,” said Ripple’s Marcus Treacher, including:
“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.”
Finastra’s Riteesh Singh seconded Treacher, taking note of RippleNet’s physical reach:
“Fast and reliable cross-border payments are particularly beneficial for our customers in geographies where the cost of correspondent banking is high.”
The integration comes following the revelation of a few Ripple projects recently. Ripple’s Xpring revealed a developer kit and different tools to urge coders to create payment rails with any app. Xpring also revealed the procurement of an Icelandic company and a firm that will move Ripple into the decentralized finance (DeFi) space.