Announced on the 9th October earlier this week, Ripple said that they have a new partnership between itself and Finastra, an already established fintech firm. With this new partnership for Ripple, Finastra will be utilising the innovative blockchain tech the San-Francisco firm has under its belt to further enhance its services by providing faster and much more reliable cross-border payments to its thousands of customers. However, on the other hand, Ripple’s product RippleNet is going to be accessed from all of Finastra’s customers who are mainly top financial organisations.
This seems like a win-win for both firms.
Following the announcement. Both firms are now taming up to grow and expand a more global audience while delivering a faster and reliable transaction to their customers.
Marcus Treacher, SVP of Customer Success at Ripple, said this while commenting on the new partnership:
“We’re thrilled to be partnering with a forward-thinking company like Finastra to bring Ripple’s technology to their many customers.”
However, while commenting on how RippleNet will be of advantage to Finastra, 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.”
The rise in the price of cryptocurrencies has been often accompanied by an increase of general interest by big institutional investors. At the end of 2017, we saw a lot more people enter the market who probably never even heard of cryptocurrency and get involved with the space.
Likewise, Riteesh Singh, the Senior Vice President, FMS, Finastra, also commented about the partnership, saying:
“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.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!