Finastra has partnered with Circle to assist banks in integrating stablecoin settlement into their cross-border payment systems.
The collaboration will incorporate Circle’s USDC stablecoin within Finastra’s payment hub technology, including the Global PAYplus (GPP) platform. This connection allows Finastra’s GPP clients to settle transactions in USDC, even when the payment instructions on both ends remain in fiat currency.
According to the partners, this solution offers banks greater flexibility by reducing dependence on traditional correspondent banking networks, thereby speeding up settlement times while ensuring compliance and foreign exchange processes.
Chris Walters, CEO of Finastra, emphasizes, “This collaboration is about equipping banks with the tools to innovate in cross-border payments without the need to create a separate payment processing infrastructure.”
Jeremy Allaire, CEO of Circle, notes: “Together, we’re empowering financial institutions to explore and implement innovative payment models that merge blockchain technology with the reliability of the existing banking system.”