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Ripple Partners MoneyGram and Finastra Expand via Big New Collaborations

Wed, 30/09/2020 - 12:43
Ripple Partners MoneyGram and Finastra Expand via Big New Collaborations
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Payment giant MoneyGram has struck a partnership deal with the digital division of IME Limited of Nepal, while another Ripple partner Finastra is collaborating with the Bank of Bahrain to provide it with a new solution for treasury management.

IME Digital's users to access MoneyGram's technology

Global payment heavyweight MoneyGram, the world's leader in P2P payments and remittances, has partnered with IME Digital to let its customers access MoneyGram's platform for digital payments via the IME Pay mobile app.

Thanks to this collaboration, IME's customers in Nepal will be able to send and receive funds using their mobile wallets.

MoneyGram expects that, after this cooperation gets going, millions of IME clients in Nepal will be able to make their lives easier by accessing the technology via RippleNet.

At the moment, the remittance flow in Nepal is evaluated at $8 bln. Aside from that, this country is one of the crucial markets for the remittance giant in South Asia.

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Bank of Bahrain chooses Finastra for strategic collaboration

According to the press release, Ripple partner Finastra, a fintech platform from London, has partnered with the Bank of Bahrain and provided it with a new solution called Fusion Kondor.

Finastra has been a Ripple partner since last autumn, and it is now chosen by the Bank of Bahrain as a strategic partner.

The bank intends to utilize its solution to automate its treasury and trading operations, as well as price calculating and risk management. Besides, it will enable the bank to offer its customers some new products and allow the institution to work with markets that were previously beyond its reach.

The Bank of Bahrain is working hard to digitize and automate its business to bring in as many innovations as possible, according to Maha Al Mahmood, the bank's head of treasury, customer service, sales flow and business.

Besides, the executive expects that this collaboration will help the bank improve the customer experience and expand into new markets.

In addition, Finastra's Fusion Kondor will help the Bank of Bahrain to conduct and process its settlement payments much faster.