CGI (NYSE: GIB) (TSX: GIB.A) today announced a new teaming agreement with San Francisco-based Ripple to bring innovative distributed financial technology capabilities to the CGI payments solutions portfolio.

CGI is at the forefront of payments modernization and offers extensive payments solutions in such areas as payments hubs, financial messaging, liquidity management and watch list filtering. The intent of the teaming agreement is to add complementary functionality to the CGI payments solutions portfolio by integrating Ripple’s distributed financial technologies.

"We're excited to team with CGI, a company that's worked with top banks and central banks globally to drive innovation in banking for decades," said Ripple CEO and co-founder Chris Larsen. "Together, we will provide banks with new infrastructure to settle cross-border and domestic transactions instantly, with complete end-to-end visibility and certainty, and at the lowest total cost possible. We’re excited for this next chapter in banking, which we think gives way to an Internet of Value in which value will move like information moves on the web today."

“We are delighted to reach this agreement with Ripple and enter into the discovery phase with them,” said Jeff Miller, Vice-President, Financial Solutions Group, CGI. “We look forward to working with Ripple to develop an integrated distributed financial technology solution offering that complements our current global payments solutions portfolio.”

CGI is a recognized IT leader in the financial services industry, with more than 16,000 finance professionals working with clients across 5 continents, including 23 of the top 25 banks in the Americas and 21 of the top 25 banks in Europe.