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