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.