Ripple, a provider of enterprise blockchain and crypto solutions, has teamed up with FINCI, a Lithuanian online international money transfer provider, to provide quick retail remittances and business to business (B2B) payments through its On-Demand Liquidity (ODL) that taps XRP for crypto-enabled cross border payments.
FINCI has become Ripple’s first customer in Lithuania.
Furthermore, this partnership marks the opening up of a new market for Ripple’s ODL.
Due to this partnership, FINCI’s customers will be able to make seamless payments between Europe and Mexico while removing the requirement for FINCI to pre-fund accounts overseas, thereby giving them the opportunity to return capital into their business.
Consumers and businesses will be able to make real-time payments internationally powered by Ripple’s financial technology, RippleNet.
FINCI CEO Mihails Kuznecovs said: “We’re excited to be working with Ripple to make it easier for FINCI customers to move money around the world. We share the same fundamental goal of removing the hidden inefficiencies affecting international payments. What’s more, the savings and operational improvements we’ll achieve by using Ripple’s ODL will allow us to put money back into the business and enhance our offering to our customers.”
Ripple managing director for Europe Sendi Young said: “Cross-border payments have traditionally been slow, complex and unreliable. ODL is the first enterprise-grade solution to address these cross-border payment problems by tapping into global crypto liquidity, giving our customers a completely new way of doing business to help them grow and scale. We’re delighted that FINCI is our latest ODL deployment in Europe and are looking forward to soon announcing additional European partners who are preparing for a crypto-enabled future.”
Ripple’s ODL allows payouts in 25 markets including Singapore, Malaysia, Poland, Indonesia and Thailand.