Major bank tech provider Finastra to collaborate with Ripple

Finastra is a financial technology company based in London. The firm was formed in late 2017 through the combination of D+H and Misys, after Vista Equity Partners acquired Misys in June 2012 and subsequently purchased D+H in 2017. It offers pre-integrated solutions spanning retail banking, transaction banking, lending, and treasury and capital markets. With a global footprint and the broadest set of financial software solutions available on the market, Finastra has $1.9 billion in revenues, 10,000 employees and over 9,000 customers, including 90 of the top 100 banks globally.

According to an announcement today, Ripple is going to bring Blockchain Technology to Finastra’s Banking Customers.

Ripple and Finastra have teamed up to offer Ripple’s blockchain technology through Finastra’s payments solutions to support fast cross-border payments. As part of the collaboration, Finastra’s customers will be able to connect and transact with RippleNet partners – more than 200 financial institutions worldwide – and in turn, partners can access Finastra’s vast global footprint. Users will also be able to send international payments with end-to-end tracking and visibility into fees, delivery time and status.

Finastra’s 9,000+ customers will be able to connect with Ripple’s 200+ partners and vice versa. They will also have the option to leverage XRP:

Finastra’s customers will be hosted on Ripple’s cloud solution which will significantly improve speed of integration with other network partners and allow for faster upgrades. They will also have the option to use On-Demand Liquidity (formerly known as xRapid), which leverages the digital asset XRP for cross border payments.

According to Marcus Treacher, SVP of Customer Success at Ripple:

“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.”

Riteesh Singh, Senior Vice President, FMS, Finastra, stated that:

“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.”

Its worth noting that D+H, one of the companies that formed Finastra was also a Ripple partner in the past, as announced in 2015.