Ripple has decided to band together with Finastra which could help RippleNet scale unforeseen heights. The deal will help RippleNet stay in touch with scores of Finastra’s clients who initiate cross-border payments. For numerous financial institutions, Finastra is the go-to agency for technological services. The agency has over 9000 clients, which includes a massive majority of the top 100 banks.
RippleNet has been immensely successful in bringing in banking institutions such as Santander Bank, Faysal Bank, and over 150 more big names. In order to aid in the growth of this evolving network, this crucial deal will cement Ripple’s place in the hearts and minds of organizations [who carry out cross-border transactions].
In fact, this partnership is exactly what Ripple needs in order to fight against SWIFT’s dominance in the market. At least 11,000 banks use SWIFT as a solution for cross-border payments; this results in a waste of time, money, and patience leaving thousands of customers unhappy.
Riteesh Singh of Finastra holds the opinion that this move will help both organizations march forward. According to Mr. Singh, users in nations where the cost of cross-border payments are astronomically high need to find “reliable” alternatives which bring about optimal solutions.