Ripple has announced a partnership with Lithuania’s FINCI to provide retail remittances and B2B payments through RippleNet’s On-Demand Liquidity (ODL). Thanks to this partnership, FINCI’s customers can make seamless payments between Europe and Mexico, a PR from Ripple said.
FINCI is an online cross-border money transfer provider, while RippleNet’s ODL provides crypto-enabled international payments. ODL taps into global cryptocurrency liquidity to offer customers enterprise-grade solutions for cross-border payments. 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’s also the first in the region to come up with its CBDC.
“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,” said Ripple’s Managing Director for Europe Sendi Young.
Cross-Border Cross Payments, Retail and B2B Easy
The coming together of the two fintech companies will make it easier for consumers and businesses to make real-time payments, including remittances and fund transfers, internationally “faster, more reliably and at a lower cost.”
“We’re excited to be working with Ripple to make it easier for FINCI customers to move money around the world. We share the fundamental goal of eliminating inefficiencies that can affect 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,” said FINCI’s CEO Mihails Kuznecovs.
ODL Leverages XRP To Tap into Crypto Liquidity
ODL leverages Ripple’s native coin XRP to settle payments in local currencies 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 had its most successful year to date, more than doubling the number of transactions on RippleNet. RippleNet’s annualized payment volume run rate now stands at $15B,” the PR said.
XRP, however, reflected ongoing bearish market sentiments by falling 42% last week. Talking about Ripple’s protracted legal dispute with the markets regulator, the SEC, company CEO Brad Garlinghouse said earlier this month that he believed the lawsuit would be resolved this year. He termed his firm’s legal battle with the regulator as having gone “quite well” so far.