Ripple, announcing on Wednesday, revealed a new partnership between itself and Finastra, an already established fintech firm. With this new partnership, Finastra will harness Ripple’s innovative blockchain technology to further enhance its services by providing a faster and more reliable cross-border payments to its numerous customers. On the other hand, Ripple’s RippleNet will be accessed by Finastra’s customers, who are majorly top financial institutions.
New Partnership To Expand Blockchain Use In Cross Border Payments
As per the announcement, Ripple and Finastra would be coming together to strengthen up, expanding reach globally while delivering a faster and reliable transaction to their customers.
Marcus Treacher, SVP of Customer Success at Ripple, while commenting on the new partnership, said;
“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, Mr. 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.”
Likewise, Riteesh Singh, the Senior Vice President, FMS, Finastra, also commenting about the partnership said;
“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.”
The partnership, therefore, seems like a win-win for both parties. From hence, Finastra will be able to extend its services to more than 200 customers already using the RippleNet. On the other hand, Ripple is glad to accommodate high volume transactions which run into millions of dollars each month, already on Finastra’s network on the RippleNet network as well.
What’s In For XRP With This Partnership?
Not much for now. However, people have been known to reward Ripple’s success with a high demand for XRP tokens.
According to Decrypt, as of February 2019, reported that just 12 companies are using or testing the xRapid system which uses XRP tokens. Since then, the MoneyGram partnership, which ZyCrypto reported, is the only event that has been noticed to have had an impact on the XRP’s price.
The community still looks forward to other big financial firms to actually use the xRapid system, which is the only thing that would affect XRP’s price positively.