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Ripple brings blockchain tech to Finastra banking customers

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Does anybody know more details about this?:

...Customers will be hosted on Ripple’s cloud solution which will significantly improve speed of integration with other network partners and allow for faster upgrades.... 

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What will you contribute? Integrate Ripple Block Chain solution into Total Messaging


Reporting to the Director of Development for FMS, the Software Engineer designs, develops, analyzes, and maintains high-quality software product applications.  This position is located in Manila.

Job offer at Finastra: https://dh.wd3.myworkdayjobs.com/en-US/DHC/job/Manila/Software-Engineer---Java_REQ0919_0012942

 

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Whether you connect to the SWIFT network via SWIFTNet FIN, SWIFT FileAct or SWIFT InterAct, or use FIN or FUND messages and control your file flow, Fusion Total Messaging supplies all the connectors, integration and plug-ins required for conversion, compliance and reconciliation. 

Total messaging:   https://www.finastra.com/solutions/transaction-banking/financial-messaging-services/fusion-total-messaging

 

 

 

Edited by baggy23

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Developed in close collaboration with some of the world’s top global banks including BNP Paribas, BNY Mellon, HSBC, ING and State Street, Fusion LenderComm is a platform for the syndicated lending community which is underpinned by Corda, R3’s powerful distributed ledger technology.

What the industry is saying about LenderComm:

Syndicated lending is exactly the type of market that will derive huge benefits from DLT. Transparency, efficiency and risk are major concerns with current systems and processes. We built Corda specifically to tackle issues such as these, whilst meeting the unique privacy and security requirements of regulated financial institutions.

David E. Rutter, CEO, R3

https://www.finastra.com/solutions/lending/syndicated-lending/fusion-lendercomm

 

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https://www.finextra.com/newsarticle/34544/ripple-brings-blockchain-tech-to-finastra-banking-customers

 

Ripple has struck a deal to offer its blockchain technology for cross-border payments to Finastra's banking customers.

Under the agreement, Finastra's hundreds of customers will have access to RippleNet, Ripple’s global blockchain payments network, to provide what the firm claims are faster, cheaper and more reliable payments. 

Customers will be hosted on Ripple’s cloud solution which promises to improve speed of integration with other network partners and allow for faster upgrades. They will also have the option to use On Demand Liquidity, which leverages the digital asset XRP for cross border payments.

Meanwhile, Ripple’s more than 200 customers will get access to Finastra’s network of banks, allowing mutual customers to easily access and partner with each other, increasing overall volume on the network. Finastra's banking customers currently process millions of transactions each month.

Marcus Treacher, SVP, customer success, Ripple, says: "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, SVP, FMS, Finastra, adds: "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."

 

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3 hours ago, Spartaksus said:

Does anybody know more details about this?:

...Customers will be hosted on Ripple’s cloud solution which will significantly improve speed of integration with other network partners and allow for faster upgrades.... 

I'm wondering if it's a similar construct to the "Ripple Connect" cloud platform that the SBI-Ripple Consortium of Japanese banks are using to upgrade their entire domestic/international banking infrastructure?

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Finastra is an established fintech player and works with a majority of the world’s top banks.

Not so bad :)

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"They will also have the option to use On-Demand Liquidity, which leverages the digital asset XRP for cross border payments."

- I find the above quotation from the article most exiting. Finastra’s hundreds of banking customers will have access to xRapid (= ODL)! For instance, bank A used to have 10 million MXN on average in their nostro account in Mexico but now they could have just 1 million MXN there and use xRapid to source liquidity for the rest of their MXN needs. This frees up 9 million MXN from their nostro account which should decrease the capital (e.g. USD/MXN hedging) costs.

 

"This partnership will give Ripple’s more than 200 customers access to Finastra’s extensive network of banks"

- Does this mean that Finastra will be as if Earthport acting as payment hub that has been connected to RippleNet? Earthport was acquired by Visa with hefty premium.

 

"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"

- xRapid is targeted especially for those geographies (Mexico, Philippines, etc.) where the costs of cross-border payments are high.

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