San Francisco-based payments company has entered into another partnership deal with Lithuanian FinTech firm FINCI to facilitate cross-border payment services.
New Market Opens Up For Ripple
The news of the deal was announced via a press release. Under the partnership, Ripple, which has been a leader in enterprise blockchain and crypto solutions will be providing RippleNet’s On-Demand Liquidity (ODL) services, which leverage XRP to enable cross-border payments in crypto. This will make room for instant and cost-effective retail remittances and B2B payments.
As Ripple’s first customer in Lithuania, the partnership also represents the opening up of a new market for the RippleNet ODL.
The MD for Ripple’s Europe operations, Sendi Young, has stated,
“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. 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.”
Ripple has continued flourishing outside the United States, despite its ongoing legal battle with the SEC. In fact, the firm is also working on launching a crypto trading marketplace called Liquidity Hub to offer crypto trading services to enterprise clients.
FINCI Clients Get The RippleNet Advantage
FINCI is an online international money transfer provider based out of Vilnius, Lithuania, that will now be able to allow its customers to make seamless payments between Europe and Mexico while eliminating the need for pre-funded accounts. Cross-border payments pose a real challenge for payments service providers (PSPs), especially those catering to Small and Medium-Sized Enterprises (SMEs). These businesses are forced to put money towards prefunded accounts and end up trapping a significant chunk of their capital. On-Demand Liquidity services like RippleNet allow these smaller enterprises to release their capital from these pre-funded accounts and redirect the funds towards scaling their business. The deal will also empower remittance-senders to leverage a quicker, more reliable, and low cost alternative to legacy payment systems.
Addressing the partnership, FINCI CEO Mihails Kuznecovs said,
“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. 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.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Amara is a graduate in Business Management, and has been following the world of crypto since 2019. Having a keen eye for detail, Amara enjoys finding breaking stories via Twitter, official press releases and website blog posts. Outside of crypto, Amara enjoys rock climbing, dancing and spending time with her siblings.