Ripple Extends Banking Network With Finastra Partnership

Payment network Ripple announced Wednesday its collaboration with fintech firm Finastra.

Using Ripple’s blockchain-based platform, Finastra users can now connect with the 200 partners on RippleNet, a global payments network utilizing the XRP cryptocurrency.

RippleNet users also have access to Finastra’s banking partnerships, which settle millions in transactions per year, the company said in a statement.

“Finastra is an established fintech player and works with a majority of the world’s top banks," said Ripple’s Marcus Treacher, adding:

“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 echoed Treacher, noting 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 follows the announcement of several Ripple initiatives in recent weeks. Ripple's Xpring launched a developer kit and other tools to encourage coders to build payment rails into any app. Xpring also announced the acquisition of an Icelandic firm and a firm that will move Ripple into the decentralized finance (DeFi) space.

Ripples image via Shutterstock