Finastra, the third largest fintech firm in the world, joins RippleNet

by Osiris Team


Posted on Oct. 10, 2019, 9:02 p.m.
Development
Time to read: 2 min
XRP

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.


Related links:
Source
Like and comment it on:

More cryptocurrency news

Latest news

Coinbase Card rolls out DAI as first supported stablecoin

Coinbase Card, a crypto-powered Visa debit card from major crypto exchange Coinbase, now supports Dai, a stablecoin pegged to the United States dollar.


Development
DAI

Dec. 6, 2019, 6:36 p.m.

Microsoft teams up with Enjin to offer crypto collectible rewards

Do good work, earn a "badger" - that's the idea behind a new incentive launched by Microsoft and blockchain gaming project Enjin.


Development
General

Dec. 5, 2019, 2:36 p.m.

Cointelegraph launches Consulting division to drive enterprise blockchain adoption

Cointelegraph has announced the launch of its Cointelegraph Consulting division, which is focused on advancing enterprise blockchain adoption by helping companies understand the potential of blockchain and then matching them with enterprise vendors to implement solutions.


Adoption Development
General

Dec. 4, 2019, 2:20 p.m.

China’s Great Firewall has blocked access to Ethereum block explorer

China's Great Firewall, used by the government to regulate access to foreign internet sites, has blocked one of the most popular sources of Ethereum blockchain data.


Development Regulatory
ETH

Dec. 3, 2019, 5:51 p.m.

Stellar’s Foundation just destroyed half the supply of its Lumens cryptocurrency

The Stellar Development Foundation has burned 55 billion of its XLM tokens, over half the cryptocurrency’s supply, CEO Denelle Dixon announced from the stage of the Stellar Meridian conference Monday.


Alerts Development
XLM

Nov. 6, 2019, 10:09 a.m.

Follow us