Finastra has partnered with Ripple to allow financial institutions using its solutions to make fast and reliable cross-border payments.
Under the partnership, Ripple’s blockchain technology will be offered via Finastra’s payments solutions.
More than 200 financial institutions on RippleNet will have access to Finastra’s network of banks, enabling mutual customers to access and partner with each other.
Users can send international payments with end-to-end tracking and monitoring of the fees, transaction time and status. The collaboration also aims to boost the speed of integration with other network partners and enable faster upgrades.
Customers will also be allowed to use Ripple’s On-Demand Liquidity, which uses the digital asset XRP for cross border payments.
Ripple SVP of customer success Marcus Treacher said: “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.”
Finastra senior vice president of FMS Riteesh Singh said: “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.”
Last month, Finastra partnered with Swiss Fintech, NetGuardians, to launch an artificial intelligence (AI)-powered fraud detection solution for financial messaging.
The tool, which is tailored for Finastra’s SWIFT Service Bureau, uses AI and machine learning to identify fraudulent payments in real-time, halting them before money leaves the bank or corporate organisation.