Ripple, an American FinTech company, and FINCI, a FinTech company in Lithuania, have partnered to make retail transfers and B2B payments faster and more affordable. This is done via RippleNet’s On-Demand Liquidity (ODL), which uses XRP for crypto-enabled cross-border payments.
This partnership allows customers and businesses to make real-time payments, eliminating the need for financial institutions to pre-fund their accounts.
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FINCI is an online cross-border money transfer provider that allows you to quickly transfer multiple currencies in 29 countries using Mastercard debit cards and mobile apps. RippleNet’s ODL provides cryptographically enabled international payments.
The company is a market leader (in cross-border payments that support encryption). With ODL, RippleNet consumers can leverage their digital asset XRP to bridge two currencies in 3 seconds, ensuring transaction agility.
FINCI, Ripple’s first customer in Lithuania
According to wednesday May 18 Press Release, FINCI is Ripple’s first customer in Lithuania. It offers the opportunity to explore new markets for Ripple’s ODL. Lithuania is currently one of the most crypto-friendly countries in Europe.
This partnership will allow FINCI customers to make seamless payments between Europe and Mexico. In addition, it will give them the opportunity to return capital to their business, which eliminates the need for FINCI to pre-fund their accounts abroad.
Sendi Young, Managing Director of Ripple, said:
Cross-border payments have traditionally been slow, complex and unreliable. ODL is the first enterprise-grade solution to address these cross-border payment issues by leveraging global crypto liquidity, providing customers with a whole new way of doing business to help them grow and expand. Offers. We are pleased that FINCI is the latest ODL deployment in Europe. We are also looking forward to announcing additional European partners coming soon to prepare for the future of cryptocurrency support.
The integration of the two fintech companies makes it easy for customers and businesses to make real-time payments. This includes making remittances and transfers internationally “faster, more reliably and at lower cost”. In addition, ODL leverages XRP to leverage cryptographic liquidity to settle payments in local currency in real time.
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Michaels Kusnecovs, CEO of FINCI, said:
We are pleased to work with Ripple to make it easier for FINCI customers to move their money around the world. We share the same basic goal of removing the hidden inefficiencies that affect international payments. In addition, the savings and operational improvements you can achieve with Ripple’s ODL will allow you to return money to your business and enhance your customer offerings.
The press release also states that 2021 is the company’s most successful year and has more transactions on RippleNet than any other year. This resulted in an annual payment execution rate of $ 15 billion.
Featured image from Flickr, and chart from Tradingview.com
