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UK's Finastra To Use RippleNet For Cross-border Payments

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U.K.-based fintech firm Finastra is partnering Ripple to join its enterprise blockchain network RippleNet to enable faster and secure real-time cross-border money transfer solutions for its clients.

The partnership will also enable RippleNet network partners to access Finastra's extensive network of the majority of the world's top banks to allow mutual customers to easily transact with each other.

Finastra's banking customers currently process millions of transactions each month, which is set to soar with this deal.

The use of blockchain technology helps Ripple provide fast and reliable cross-border payments, which will particularly benefit Finastra's customers in geographies where cost of banking is high.

RippleNet is expected to improve Finastra's settlement of cross-border payments by increasing efficiency and reducing operating cost. XRP, Ripple's native digital asset, will act as a real-time bridge between the sending and receiving currencies.

It facilitates money transfers any time of the day, within seconds or minutes instead of days. It provides end-to-end tracking of the entire cross-border payments transaction between RippleNet members on blockchain.

Finastra joins some of the world's leading banks and financial institutions on the Ripple network including Bank of America, American Express, Credit Agricole, Mizuho Financial Group, UBS, RBC, UniCredit S.p.A., Standard Chartered, Westpac, BMO, Santander and SBI-led Japan bank consortium.

RippleNet is a single entity that is formed of a network of banks that execute transactions via Ripple's distributed blockchain technology. It has recently expanded its reach to over 40 countries and 6 continents.

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