09.12.2021

Finastra, Ripple’s Partner Introduces New Remittance Solution As XRP Gains Momentum

Finastra hopes that this payment solution will be adopted by banks since it is much cheaper to maintain. By implementing it, banks can channel the funds they have saved into improving customer experience.

Financial institutions in Europe that intend to implement it will enjoy instant payments through TIPS or RT1. On the other hand, institutions in the United States will have to use either TCH or FED. Finastra announced that they are making plans to add more schemes soon. The product will be compatible with the leading financial system, SWIFT and Ripple will fill the decentralized finance part of the business.

Finastra has been making a lot of progress in recent times. Just last week, they announced a partnership with the Bank of Bahrain to offer users a new Fusion Condor payment solution. The Bank of Bahrain will use Finastra’s services to automate all its trading and treasury operations. This will help them make automatic calculations and manage risks without human error. At the time of the announcement, the Bank of Bahrain said that they are open to integrating more products from Finastra.

Shortly before this announcement, Finastra partnered with the First Independent Bank in Detroit. The primary aim of this partnership was to reach out to the unbanked members of society. This is in line with their partnership with Ripple which is meant to increase financial inclusion around the world.

In other news, the price of the XRP token has been relatively bullish since the beginning of trading today. It has gained more than 6.2% since the beginning of the day. At the time of writing, the price of the token was $0.250741. The token was on the rise with a 4.00% surge against the USD and a 2.89% surge against Bitcoin BTC. The trading volume over a 24 hour period was $2,236,733,143 and the market capitalization was $11,324,056,966. The next resistance is at $0.2550.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

  • Finastra Launches Pre-packaged Remittance Solution for Its Users
  • Ripple XRP Has Gathered Momentum But it Must Surge Above the $0.2550 Level to Clear the Path to $0.3000 Level 

Ripple News Today – Ripple has convinced many remittance service providers to join the RippleNet network and use their services. As these partners join, they also create more awareness for Ripple and in some cases, the XRP token. Finastra, one of Ripple’s partners has just announced the launch of a pre-packaged remittance solution across South Africa, the United States, and Europe. This product by the London-based company can be used by banks and remittance companies to integrate domestic and international remittance.

Ripple News Today – Local and International Remittance Made Easy

Ripple partnered with Finastra last October and their partnership has been strong since then. Finastra’s move to release a new Fusion Payments To Go solution is possible thanks to the use of Microsoft’s cloud-based Azure. Any company interested in the product can get everything done by Finastra.

This includes implementation costs. The product can be used as a mechanism for settlement and clearing and it is based on Finastra’s payment hub.

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