Ripple announced a partnership with Lithuania’s FINCI to provide retail remittances and B2B payments
In a new press release, Ripple announced partnering with a Lithuanian financial technology (FinTech) firm to facilitate cross-border money transfers.
🇱🇹 #ODL is coming to Lithuania! 🥳
We’re excited to partner with FINCI to open up a new payments corridor between Europe & Mexico, making it easier than ever for consumers & businesses in these regions to send/receive payments in real-time.
Learn more: https://t.co/jIXQa4iqje
— Ripple (@Ripple) May 18, 2022
Ripple signs new partnership with international money transfer firm to use XRP for cross border payments
FINCI is an online cross-border remittance service provider, while RippleNet’s ODL provides crypto-enabled international payments. For the blockchain-focused company, FINCI is the first client in Lithuania, and it offers the opportunity for deeper market exploration. Lithuania is considered one of the most crypto-friendly countries in Europe. It is also the first company in the region to launch a CBDC.
RippleNet’s On-Demand Liquidity (ODL) harnesses global crypto liquidity to provide customers with enterprise-class solutions in cross-border payments.
Ripple says it’s joining forces with the Vilnius-headquartered FINCI to offer retail and business-to-business (B2B) customer services. ODL protocol will leverage XRP to enable payments between Europe and Mexico without requiring FINCI to tie up capital by pre-funding accounts located abroad. “We’re delighted that FINCI is our latest ODL deployment in Europe and are looking forward to soon announcing additional European partners preparing for a crypto-enabled future,” said Ripple’s Managing Director for Europe, Sendi Young.
The partnership of the two fintech companies will make it easier for consumers and businesses to make real-time payments, including money transfers and remittances, internationally “faster, more reliably and at a lower cost.”
ODL leverages Ripple’s native coin XRP to settle payments in local currencies in real-time by tapping into crypto liquidity. This preempts the need for financial institutions to pre-fund their overseas accounts to provide payment services. In other words, it allows them to expand the business without deploying capital.
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