Ripple has announced a partnership with Vilnius-based FINCI to provide services to both retail and B2B customers, according to a new news release.
Ripple, a payments business based in San Francisco, has partnered with a Lithuanian financial technology (FinTech) firm to make cross-border money transactions easier.
RippleNet’s On-Demand Liquidity (ODL) protocol will use XRP to allow transfers between Europe and Mexico without requiring FINCI to pre-fund accounts in other countries.
FINCI CEO on the new collaboration:
“Our core goal is to eliminate the hidden inefficiencies that affect international payments.
We’ll be able to put money back into the firm and improve our offering to our client’s thanks to the cost savings and operational benefits we’ll gain by adopting Ripple’s ODL.”
Ripple’s ODL service has now spread to over two dozen payout markets, including Singapore, Poland, and Thailand, and FINCI is the company’s first-ever customer in Lithuania.
Sendi Young, Ripple’s European managing director, demonstrated how ODL allows for more efficient international transactions.
“Cross-border payments used to be slow, complicated, and unreliable.
ODL is the first enterprise-grade solution to use global crypto liquidity to handle these cross-border payment concerns, giving our customers a completely new way of doing business that will allow them to expand and scale.”
While Ripple and the Securities and Exchange Commission (SEC) are still at odds, the FINCI arrangement is the latest in a string of international commercial relationships.
Ripple stated in September that it was collaborating with Bhutan to build a central bank digital currency (CBDC), and in November it revealed that it was collaborating with the Republic of Palau to develop a government-backed stablecoin to facilitate cross-border money transactions.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.