Ripple and Lithuania’s FINCI have announced a partnership to offer retail remittances as well as B2B payments via RippleNet’s On-Demand liquidity (ODL). A Ripple PR stated that customers of FINCI can now make seamless payments between Europe, Mexico and other countries thanks to this partnership.
FINCI provides cross-border online money transfers, while RippleNet’s ODL offers crypto-enabled international payment. ODL taps into the global crypto liquidity to provide customers enterprise-grade cross-border payment solutions. Ripple is the market leader for crypto-powered cross border payments.
FINCI, a blockchain-focused company is the first customer in Lithuania. It also gives the company the chance to expand its market reach. Lithuania is considered one of Europe’s most crypto-friendly countries. It is also the first country in the region to establish a CBDC.
“We are delighted that FINCI has been our latest ODL deployment in Europe, and we look forward to soon announcing other European partners who will be preparing for a cryptocurrency-enabled future,” stated Ripple’s Managing director for Europe Sendi Jung.
Cross-Border Cross-Border Payments – Easy Retail and B2B
Combining the two fintech companies together will make it easier for businesses and consumers to send real-time funds, including remittances, abroad “faster, better reliably, and at a cheaper cost.”
“We are excited to work with Ripple to make it more easy for FINCI customers around the globe to transfer money. We share the common goal to eliminate hidden inefficiencies that affect international payments. FINCI CEO Mihails Kuznecovs stated that Ripple’s ODL will help us save money and improve our customer service.
ODL Leverages XRP for Crypto Liquidity
ODL uses Ripple’s native currency XRP to settle local currency payments in real time by tapping into crypto liquidity. This eliminates the need to pre-fund overseas accounts by financial institutions that provide payment services. This allows them to grow the business without having to deploy capital.
“In 2021 Ripple enjoyed its most successful year, more than double the transactions on RippleNet. The PR stated that RippleNet’s annualized run rate for payment volume now stands at $15B.
XRP, however, reflected ongoing bearish market sentiments by falling 42% last week. The CEO of Ripple, Brad Garlinghouse, stated earlier this month that he believes the lawsuit will be settled this year, referring to the long-running legal dispute between the SEC and Ripple. His firm’s legal dispute with the regulator had gone “quite well”, he said.
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