In a recent news release, Ripple payment network disclosed its partnership with the Vilnius-headquartered FINCI to provide services for both retail and business-to-business (B2B) clients. Remarkably, the network currently has partnerships with financial institutions from more than 55 countries.
RippleNet’s On-Demand Liquidity (ODL) protocol will utilise XRP to facilitate payments between Europe and Mexico without forcing FINCI to lock up capital by pre-funding accounts overseas.
Ripple partners with a fintech firm to use XRP for cross border payments. Image: ledgerinsights
FINCI CEO Mihails Kuznecovs said of the new partnership:
“We’re excited to be working with Ripple to make it easier for FINCI customers to move money around the world.
We share the same fundamental goal of removing the hidden inefficiencies affecting international payments.
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.”
FINCI is Ripple’s first-ever client in Lithuania, and its ODL service has already grown into over twenty payout markets in Singapore, Thailand and Poland.
Ripple’s European managing director Sendi Young highlighted how leveraging ODL facilitates more efficient international transactions.
Cross-border payments have typically been sluggish, complicated and unreliable.
ODL is the first enterprise-grade solution to tackle these cross-border payment issues by accessing global crypto liquidity, providing clients with an entirely new business operation method to develop and scale.
While Ripple is in confrontation with the U.S. Securities and Exchange Commission (SEC), the FINCI deal represents the latest foreign commercial partnerships.
Last September, Ripple said it partnered with Bhutan to develop a central bank digital currency (CBDC). In November, it collaborated with the Republic of Palau to create a government-backed stablecoin and streamline cross-border money transactions.