Ripple is expanding its banking network by collaborating with Finastra. Using the blockchain-based Ripple platform, Finastra users can now connect with up to 200 partners in RippleNet, a global payment network that uses XRP cryptocurrency.
Basics of cooperation
RippleNet users now have access to Finastra’s banking partnership, which processes millions of transactions a year. The CEO of Ripple, Marcus Treacher, said:
“Finastra is an established fintech player and works with the 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, Vice President of Finastra, informed Ripple:
“Fast and reliable cross-border payments are particularly beneficial for our customers in geographies where cost of correspondent banking is high.”
xRapid is an innovative payment system for banks from the crypto company Ripple. The technology was designed to reduce the cost of cross-border payments and speed up the transfer of money to other countries.