London & Vilnius, Lithuania-(Business wire-Today, Ripple, a leader in enterprise blockchain and cryptographic solutions, announced a partnership with FINCI, an online international money transfer provider in Lithuania, for immediate and cost-effective retail money transfer and enterprises via RippleNet On. Offers business-to-business (B2B) payments-Demand Liquidity (ODL). It leverages XRP for crypto-enabled cross-border payments.
FINCI is Ripple’s first customer in Lithuania and this partnership represents the development of a new market for Ripple’s ODL. As a result, this partnership will allow FINCI customers to make seamless payments between Europe and Mexico, while eliminating the need for FINCI to previously fund overseas accounts and returning capital to the business. You will be given the opportunity.
Cross-border payments are a challenge for payment service providers (PSPs) and small and medium-sized enterprises (SMEs) who are forced to raise funds in advance and manage their trapped capital. ODL allows SMEs to leverage previously trapped and pre-funded capital to grow and expand their business.
Together, the two major fintechs make it easier than ever for consumers and businesses to make real-time payments internationally using Ripple’s financial technology, Ripple Net. FINCI’s technology gives customers an alternative to traditional payment systems, enabling faster, more reliable and lower cost transfers of money and cross-border funds.
“We are excited to work with Ripple to make it easier for FINCI customers to move money around the world. We have the same basics of removing the hidden inefficiencies that affect international payments. In addition, the savings and operational improvements that can be achieved with Ripple’s ODL will allow us to return money to our business and enhance our customer service. ” .. FINCI, CEO, Michaels Kuznecovs..
“Cross-border payments have traditionally been slow, complex and unreliable. ODL is the first to address these cross-border payment issues by leveraging global crypto liquidity. An enterprise-grade solution that provides our customers with a whole new way of doing business to help them grow and expand. We are pleased that FINCI is the latest ODL deployment in Europe and is crypto-enabled. We look forward to announcing additional European partners for the future soon. ” Sendi Young, Europe, Ripple, Managing Director..
European demand for Ripple’s products remains very strong. According to a Ripple New Value survey, 70% of respondents from European financial institutions believe that blockchain will have a significant impact on their business over the next five years. Meanwhile, 59% of respondents are interested in using blockchain for payments. Lithuania has a particularly positive view on the adoption of digital assets, with the central bank issuing the first central bank-created digital coin in the euro area.
Ripple is the first company to leverage crypto to tackle the trillions of dollars challenge with cross-border payments. Ripple is the market leader in blockchain and crypto enterprise solutions and continues to grow globally unprecedented as customers continue to grow and grow with ODL. In 2021, Ripple was the most successful year to date, more than doubling the number of transactions on RippleNet. RippleNet’s annual payment execution rate is currently $ 15 billion.
RippleNet leverages blockchain technology to help partners across the global network accelerate business performance and scale. It provides a great end-customer experience, simplified network partners, liquidity management solutions, lines of credit, and state-of-the-art infrastructure that enables real-time payments.
Ripple’s ODL now enables payouts in 25 payout markets including Singapore, Malaysia, Poland, Indonesia and Thailand. FINCI joins companies such as Azimo, Novatti, FlashFX, iRemit, Tranglo, SBI Remit and Pyypl who are realizing the benefits of ODL for their businesses and customers.
About Ripple
Ripple is a crypto solutions company that transforms the way the world moves, manages, and tokenizes value. Ripple’s business solutions are faster, more transparent, more cost-effective, and solve the long-defined inefficiencies of the status quo. And work with partners and a larger community of developers to identify use cases where cryptographic technology inspires new business models and creates opportunities for more people. All solutions enable a more sustainable world economy and the planet. Leveraging carbon-neutral blockchain technology and XRP, a green digital asset, we are increasing access to a comprehensive and scalable financial system. This is how we fulfill our mission to build a cryptographic solution for an economically borderless world.
About FINCI
FINCI is a fintech company that provides a variety of financial services to individual and corporate clients in 29 countries. With Mastercard-powered debit cards and intuitive iOS and Android apps, customers can easily send and receive payments in multiple currencies from around the world. Also, through the development of AI, machine learning and other technologies, FINCI plans to make people’s daily economic lives even faster and easier.
