Ripple, an enterprise blockchain company, has entered an agreement with Finastra to support fast cross-border payments.
Finastra customers, under the agreement, will be able to connect with RippleNet customers, which include more than 200 financial institutions. Users will be able to send international payments with end-to-end tracking and greater visibility regarding status, fees and delivery information.
RippleNet is a blockchain payments network designed to offer faster and more reliable payments.
“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 choice to our customers,” Riteesh Singh, senior vice president, FMS, Finastra, said in a company release. “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.”