San Francisco-based payments company Ripple is partnering with a Lithuanian financial technology (FinTech) firm to facilitate cross-border money transfers.
In a new press release, Ripple says it’s joining forces with the Vilnius-headquartered FINCI to offer services for both retail and business-to-business (B2B) customers.
RippleNet’s On-Demand Liquidity (ODL) protocol will leverage XRP to enable payments between Europe and Mexico without requiring FINCI to tie up capital by pre-funding accounts located abroad.
FINCI CEO Mihails Kuznecovs says 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 represents Ripple’s first-ever customer located in Lithuania, and its ODL service has now expanded into over two dozen payout markets including Singapore, Poland, and Thailand.
Ripple’s European managing director Sendi Young explained how using ODL enables more efficient international transactions.
“Cross-border payments have traditionally been slow, complex and unreliable.
ODL is the first enterprise-grade solution to address these cross-border payment problems by tapping into global crypto liquidity, giving our customers a completely new way of doing business to help them grow and scale.”
While Ripple remains in a protracted standoff with the U.S. Securities and Exchange Commission (SEC), the FINCI deal marks the latest in a series of international business partnerships.
Last September, Ripple announced it was working with Bhutan to create a central bank digital currency (CBDC), and in November it partnered with the Republic of Palau to develop a government-backed stablecoin and ease cross-border money transfers.
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