IBM giant has acquired Canadian fintech firm Expertus, which has tested Ripple technologies, to improve banking solutions for financial institutions.
Big news for all fans of Ripple and XRP: according to a recent report by Bloomberg, the IBM giant has acquired the Canadian payments company Expertus Technologies Inc., which also offers cash management solutions.
The company will now work as part of the IBM Global Business Services Unit.
IBM buys Expertus Technologies
Expertus is a cloud-based provider of banking solutions and it conducts $50 billion worth of transactions per day on average. Those financial operations are routed by over 1,000 financial entities.
No details of the deal between IBM and Expertus have been shared with the media yet.
IBM have stated that the payment solution provided by Expertus will transform IBM’s cloud-based payment system leveraged by banks and other financial institutions and allow users to stay innovative and competitive while demands from their customers become stronger.
Expertus will allow IBM to bring down the costs of payments via its technology. According to data shared by IBM, banks at the moment are allocating around $100 billion in order to upgrade payment systems with new technologies.
Expertus’ collaboration with Ripple
In 2016, Expertus partnered with Ripple to trial blockchain-based payments for banks. As part of the trials, the new solution was integrated into the existing payments infrastructure used by financial institutions back then.
It also intended to bring down the costs of financial operations for banks.
The solution offered by Ripple and Expertus was also meant to boost liquidity management for financial institutions and their corporate clients.
The combination of Expertus Payment Platform with Ripple distributed ledger will enable FIs to offer their clients real-time payment execution, complete transparency into fees and lower costs.