Ripple to Offer Blockchain Technology through Finastra

Enterprise blockchain solution company Ripple teamed up with Finastra this week. The two are collaborating to enable Finastra clients to transact with RippleNet partners and make international money transfers.

RippleNet is Ripple’s global payment network that works across 40+ currencies and consists of more than 200 financial institutions. Because RippleNet leverages the blockchain, users are able to track funds, delivery time, and status.

“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,” said Marcus Treacher, SVP of Customer Success at Ripple.

Riteesh Singh, Senior Vice President, FMS, Finastra said that the partnership will prove “particularly beneficial” to Finastra’s clients that rely on correspondent banks. That’s because, since RippleNet runs completely on the blockchain, transaction fees are lower than the industry average.

Ripple has offices in San Francisco, New York, London, Luxembourg, Mumbai, Singapore, Sydney, and, as of July, Brazil. At FinovateSpring 2013, company co-founder Chris Larsen debuted Ripple (originally known as OpenCoin). Ripple started this year by surpassing 200 customers and, in June, the company formed a strategic partnership with MoneyGram.

Finastra formed in 2017 from the combination of Misys and D+H after Vista Equity Partners acquired Misys in 2012 and bought D+H in 2017. Misys demonstrated its FusionFabric.cloud technology at FinovateEurope 2017.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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  • Faraday integrates with Iterable to enable mutual customers to leverage Faraday’s AI-generated predictions in their Iterable workflows.
  • BehavioSec earns Gold at the 2019 Golden Bridge Awards and is selected as the CyberSecurity Breakthrough Awards’ Multifactor Solution of the Year.
  • Signifyd’s Seamless SCA solution receives all of the merchant domain EMVCo certifications.
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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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  • Alior Bank’s Alior Kantor to Deploy Efigence’s EFI4 Digital Banking Platform.
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  • Jack Henry appoints Ted Bilke as new CTO and promotes Greg Adelson to new Chief Operating Officer position.
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  • Finastra launches Fusion Mortgagebot Data Insights, a tool to benchmark mortgage borrower information for banks and credit unions against other Fusion MortgagebotPOS users.
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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Around the web

  • Finastra announces two new apps built via its FusionFabric.cloud open development platform.
  • Fiserv inks partnership with DUCA Financial Services Credit Union, a Toronto, Ontario, Canada-based institution with more than 70,000 members.
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  • Flywire and JCB International partner to allow select cardholders to use their JCB card to pay tuition.
  • More than 60 lenders join the CrediVia marketplace to source commercial loans.
  • Bill.com now facilitates payments in more than 130 countries and 100+ currencies.
  • Dwolla partners with TransferMate Global Payments to allow customers and their end users the ability to make and receive international payments.
  • Quadient parent company Neopost changes its name to Quadient.
  • InComm partners with Mizuho Bank to expand J-Coin Pay in Japan.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Indian Fintechs Get Funded; Finastra, Avaloq Bring New Leadership to APAC

Join us in October as our annual Asia-Pacific fintech conference returns to Singapore! FinovateAsia is one of the best ways for fintech startups and innovative industry veterans from the region and around the world to showcase their latest technologies before an audience of C-level decision-makers, venture capitalists, all-star analysts, and more.

For information on how to participate in FinovateAsia as a demoing company, partner, or sponsor, send us an e-mail and we’ll tell you everything you need to know.

Middle East and Northern Africa

  • A partnership between R3 and Dubai’s platform-as-a-service company Wethaq will help digitize Islamic capital markets.
  • Working capital solution provider Demica goes live with supply chain finance technology from Saudi British Bank.
  • National Bank of Bahrain unveils new bulk cash deposit machines with secured with a biometric scan.

Central and Southern Asia

  • BharatPe, a digital payments company based in New Delhi, raises $50 million in new funding.
  • Tech Mahindra teams up with Adjoint to launch blockchain-based enterprise financial management and insurance services.
  • Bangalore-based fintech CRED announces $120 million funding round.

Latin America and the Caribbean

  • Mexican online lender Credijusto announces $42 million investment from Goldman Sachs and Point72 Ventures.
  • Brazilian online personal loan platform REBEL raises $42.2 million via financial loan securitization.
  • Forbes interviews Nubank founder and CEO David Vélez.

Asia-Pacific

  • Finastra taps Wissam Khoury as new head of its Asia Pacific (APAC) team.
  • Flywire partners with Vietnam Prosperity Bank to simplify international tuition payments  for Vietnamese students.
  • Avaloq appoints Imad Abou Haidar as its new Head of Asia.

Sub-Saharan Africa

  • South Africa’s Nomanini inks $4 million deal with Standard Bank.
  • Brink News looks at the “game-changing” potential of fintech in sub-Saharan Africa.
  • SME financing solution provider Nvoicia takes top honors at Seedstars Ghana competition.

Central and Eastern Europe

  • Tremend Software Consulting announces strategic partnership with Mastercard Romania.
  • CIO of AXA Poland Oliver Schemberg talks about the “people-led strategy” behind the success of its digital transformation.
  • SumUp opens new office in Vilnius, Lithuania.

Top image designed by Freepik

Finovate Alumni News

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  • Tax Compliance Innovator Avalara Partners with Billing Automation Platform Ordway
  • Finovate Global: Indian Fintech Get Funding; Finastra, Avaloq Bring New Leadership to APAC

Around the web

  • Plaid becomes a Nacha Preferred Partner for account validation.
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  • Revolut teams up with the WWF and The Rainforest Alliance to raise support for the Amazon rainforest.
  • Frost & Sullivan names Onfido the winner of its 2019 European Technology Innovation award for its AI-based hybrid identity verification solution.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

U.K. Neobank Gravity Chooses Core Banking Tech from Finastra

U.K.-based neobank Gravity has chosen the third largest fintech in the world, Finastra, to provide its end-to-end core banking capabilities, reports Ruby Hinchliffe of Fintech Futures (Finovate’s sister publication).

The Fusion Essence cloud-based solution, built on Microsoft’s Azure cloud platform, will enable the challenger to deliver “an agile, customer-oriented service that will make business banking fairer and simpler,” said Gravity chairman, Tim Brooke.

“Small businesses in the U.K. continue to struggle when it comes to choosing a bank that can support their needs. Traditional banks are failing to keep up with the agility these firms require and instead restrict their access to capital, stifle them with bureaucracy, and provide little or no support.”

Gravity is still seeking authorization to serve SMEs with lending, credit card and deposit services, but looking forward with Fusion Essence the bank hopes to scale, offer a range of products, benefit from evergreen software updates and access a collaborative platform.

Finastra’s retail banking general manager, Anand Subbaraman, called Gravity “an aspiring new entrant in the U.K. business banking sector” who will be able to “differentiate its services from traditional banks” by focusing more on strategic growth and resulting timely return on investment.

This agreement follows closely behind Finastra’s deal with Manchester-based new bank, Revverbank, who also selected Fusion Essence for its end-to-end core banking capabilities.

Currently 90 of the world’s top 100 banks use Finastra technology.

Finastra (as Misys) demonstrated its FusionFabric.cloud technology at FinovateEurope 2017. Simon Paris is CEO.


Finovate Alumni News

On Finovate.com

  • U.K. Neobank Gravity Chooses Core Banking Tech from Finastra.
  • WattzOn’s SNAP Delivers AI-Enabled Data Extraction for Cleantech Sales Teams.

Around the web

  • Dwolla to power Bento Pay, email-based payments for Bento for Business’ clients.
  • Lendio ranks 28 of 50 on a list of Utah’s fastest growing companies.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.