Finastra, the Third Largest FinTech Firm in the World, Joins RippleNet

Ripple announced on Wednesday (October 9) a collaboration with UK-based Finastra, reportedly the third-largest FinTech firm in the world, to allow Finastra's customers (financial institutions) access to RippleNet, Ripple's global payment network, for faster, cheaper, and more reliable cross-border payments.

In case you have not heard about Finastra, here are a few facts about the company:

  • It was formed in 2017 as the result of the merger of Misys and D+H; (this merger came after the March 2017 acquisition of D+H by Vista Equity Partners, which already owned Misys)
  • It's global head office is in London, but it has over 60 offices located around the world; and
  • the company has an annual revneue of around $1.9 billion, around 10,000 employees focused on financial software, and over 9000 banks and other financial institutions worldwide  ("including 90 of the top 100 banks globally").

According to Ripple's blog post, this partnership will allow Finastra's customers to do business with the over 200 members of RippleNet, and it gives Ripple's customers access to "Finastra’s vast global footprint."

Marcus Treacher, SVP of Customer Success at Ripple, had this to say:

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. 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.

And Riteesh Singh, Senior Vice President, FMS, at Finastra, stated:

Finastra’s collaboration with Ripple is another strong example of Finastra’s belief that the future of finance is open, and it demonstrates our commitment to bringing the latest innovations and choices to our customers. Collaborating with a company like Ripple that harnesses innovative blockchain technology to provide fast and reliable cross-border payments is particularly beneficial for our customers in geographies where cost of correspondent banking is high.

 

Featured Image Courtesy of Ripple

New Wirex Visa Card Offers Users Cryptocurrency Rewards

A new Visa card launched by borderless payment platform Wirex rewards users with 1.5% back in bitcoin on all in-store purchases, allowing users to earn crypto rewards for using it.

According to a press release shared with CryptoGlobe, Wirex announced its new Visa Travelcard at the Singapore FinTech Festival. The card supports more than 150 currencies and processes cryptocurrency exchanges to fiat currency before transacting on the visa network.

It’s reportedly supported anywhere Visa is accepted and allows for free ATM withdrawals. Wirex touts its “first in the world” program allowing users to earn cashback in cryptocurrency. Per the firm the first 2,000 to order and activate a Wirex Travelcard will receive 20 Nano.

To get users onboard Wirex is removing management and traditional currency exchange fees for a limited period. The card is set to be available across the Asia-Pacific region. The firm’s CEO Pavel Matveev was quoted as saying it “witnessed an explosion in demand for hybrid fiat and crypto-enabled banking alternatives in APAC, where people need payments redesigned for the future.”

Wirex is one of the only cryptocurrency-related companies in the world to have been granted a UK FCA e-money license. Earlier this year it launched the WXT token on OK Jumpstart, OKEx’s IEO platform.

The firm’s announcement added it’ll soon release a “revolutionary selection of fiat-backed stablecoins.” Wirex is one of various fintech firms entering the crypto space. Revolut, for example, added stop orders for trading BTC, ETH, and BCH and others earlier this year.

Featured image by Nathan Dumlao on Unsplash.