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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  • Voleo Teams Up with Software Development Firm Convergence Concepts.
  • Finn.AI’s New Integration Makes Chatbots More Personal.
  • Ripple to Offer Blockchain Technology through Finastra.

Around the web

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  • Stratifyd teams with Anexinet to scale delivery of its AI-powered analytics platform.
  • TASCET releases SYM Certain software suite.
  • Microblink earns a spot in the Deloitte Fast 500.
  • Vymo teams up with ABeam Consulting to expand its business in the Asia-Pacific region.
  • YUKKA Lab joins Plug and Play’s incoming cohort for its Insurtech Europe program.
  • Socure wins 2019 API Award for Best in Data APIs from API World.

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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  • MaxMyInterest Unveils High Yield Account Max Checking.

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.
  • Ripple’s “acqui-hiring” of the engineering team from Icelandic crypto trading company Algrim helps pave the way for its entry to the country.
  • 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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  • LeasePlan Bank Opts for Ohpen’s Core Banking Technology.
  • 3E Software’s Teslar Scoops Up $1.8 Million.

Around the web

  • PNC now using Ripple’s XRP for cross-border payments.
  • Mortgage Media interviews Steve Butler, founder and GM of AI Foundry.
  • Flywire partners with Vietnam Prosperity Bank to simplify international tuition payments  for Vietnamese students.
  • InSpirAVE is being issued its first patent for the technology underlying its savings social network system. The patent is part of the company’s portfolio of patents published internationally.

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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  • Bento Unveils Venmo Style Digital Payments Solution for SMEs.
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Around the web

  • Identitii wins award for Best Workplace Diversity at The Finnies 2019.
  • InComm launches barcode payment solutions at DFS Duty-Free stores in Japan.
  • Klarna expands its UK operations with a new office in Manchester.
  • INTELid.io to integrate ValidSoft’s voice biometrics into its private digital identity blockchain.

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.

Qatar Backs SoFi; Ripple Powers Cross-Border Payments in Brazil

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Middle East and Northern Africa

  • SoFi announces $500 million investment led by Qatar.
  • Emirates NBD to leverage technology from Amazon Web Services to build an AI-enabled “bank of the future”.
  • New partnership between Turkey’s Isbank and Yandex.Checkout to support transactions in rubles for Russians shopping online in Turkey.

Central and Southern Asia

  • Strands strikes digital banking deal with India’s Tech Mahindra.
  • BankBazaar to offer financing options for customers of furniture and home products marketplace Pepperfry.
  • Amitabh Kant, CEO of Niti Aayog, a premier think tank of the Indian government, sees a $31 billion Indian fintech market by 2020.

Latin America and the Caribbean

  • Brazilian exchange brokerage, Frente Corretora de Cambio, goes live with cross-border remittance solution powered by Ripple technology.
  • World Finance features Sao Paulo among its Top 5 Emerging Fintech Hubs.
  • IMFBlog looks at how fintech can lower remittance costs in Latin America.

Asia-Pacific

  • The central bank of Indonesia, Bank Indonesia, unveils its Quick Response Indonesia Standard (QRIS), a new QR code system.
  • Mastercard and UOB partner to introduce the UOB Retail Business Metal Card designed for APAC SMEs.
  • B2B cross border payments company TransferMate picks up payment license in Singapore.

Sub-Saharan Africa

  • Ghana’s ARB Apex Bank reups with Temenos.
  • Titan Trust Bank of Nigeria chooses Oracle FSS for its core and digital banking technology.
  • CNBCAfrica profiles South African payments and merchant acquiring solutions provider Crossfin.

Central and Eastern Europe

  • Lithuania fintech Paysera goes live in Romania.
  • Polish “credit of fintech-as-a-service” innovator Symmetrical.ai raises $1.5 million (€1.3m) in funding.
  • Billon Solutions and Microsoft announce partnership with the University of Warsaw to develop academic use cases for DLT technology.

Top image designed by Freepik

Finovate Alumni News

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  • SoFi Announces $500 Million Investment Led by Qatar.

Around the web

  • Trustly launches automated invoice payment solution, Pay Your Invoice.
  • PayPal reaches $10 billion in small business loans issued via its business financing offerings.
  • Mastercard and UOB partner to introduce the UOB Retail Business Metal Card designed for APAC SMEs.
  • Kofax launches its Intelligent Automation software platform.
  • Brazilian exchange brokerage, Frente Corretora de Cambio, goes live with cross-border remittance solution powered by Ripple technology.
  • Fenergo unveils a new suite of CLM tools, Digital Client Orchestration.
  • Trulioo named best identity verification and authentication solution at 2019 CNP Expo.
  • KyckGlobal partners with InComm to provide same-day pay to gig workers.
  • Sam Kilmer offers 3 takeaways of FinovateSpring 2019 in 3 minutes.

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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  • Holvi Expands to Five New European Markets.
  • Artivest Inks Deal with Institutional Investment Manager LaSalle.
  • BioCatch Brings on New Chief Revenue Officer.
  • Yseop Pairs Up with Larsen & Toubro Infotech.

Around the web

  • Inc. names Blend, Kabbage, Lendio, Plaid, Pendo, Signifyd, and Ripple among the best places to work.
  • Alt Coin Magazine interviews Steven Parker, Crypterium CEO.
  • Interactions‘ IVA was named the top virtual assistant in Speech Technology Magazine’s 2019 People’s Choice Awards.
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  • NIIT Technologies launches Cognitive Service Desk Audit, a tool to help applications understand and interpret user needs through natural communication.

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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  • WealthForge Unveils Alt Investing Platform Altigo.

Around the web

  • Three Canadian Credit Unions select Fiserv’s core platform.
  • Ripple to power instant global payments for Ria Money.
  • Persistent Systems joins Siemens’ MindSphere Partner Program to bring Industrial IoT solutions to market.

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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  • Kantox Closes $5.7 Million to Bring More Tech to FX.
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  • Entersekt expands operations, opening second office in Cape Town.

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.