Finastra, the third-largest financial services technology firm in the world has signed a partnership with Ripple that would help customers have access to the RippleNet. There are more than 200 different institutions in different countries that already have access to RippleNet.
Ripple Expands Its Global Network
According to a recent report released by Fintech Times, Ripple would gain access to Finastra’s banking network. Finastra is currently working with around 48 banks in different countries, many of them very important for the global financial market.
There are also hundreds of customers that are working with Finastra that will also have access to RippleNet. The customers will be hosted on Ripple’s cloud solution improving the speed of integration with other network partners.
With RippleNet it is possible for companies and firms to send and receive payments in a fast and easy way. This is one of the solutions that Ripple is offering for banks and other institutions to move away from the SWIFT network.
Marcus Treacher, SVP of Customer Success at Ripple, commented about this new partnership:
“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.”
In addition to it, he commented that the partnership will enable Ripple to expand the reach and solutions for their partners. Moreover, customers will be able to directly transact with each other.
Moreover, Riteesh Sing, Senior Vice President, FMS Finastra, mentioned that Finastra’s collaboration with Ripple shows that the future of finance is open. Additionally, Singh said that this collaboration with Ripple harnesses innovative blockchain technology to provide fast and reliable cross-border payments.
Some Ripple enthusiasts were complaining that the company was negatively affecting XRP’s price by selling part of the XRP they own. Ripple holds more than 50% of the total XRP supply.
Ripple claims that it is using the funds in order to expand Ripple’s services and XRP usage around the world.
In the last few weeks, Ripple partnered with several companies. As UseTheBitcoin reported a few weeks ago, Ripple signed a partnership with Finablr in order to introduce a new money transfer feature in Samsung Pay.
Finally, Ripple has also decided to purchase the Icelandic cryptocurrency exchange Algrim in order to expand its presence in Europe. The team at Algrim will continue working enhancing Ripple’s services.