Ripple and Lithuanian Company FINCI Partner For XRP-Based Payments
With RippleNet’s On-Demand Liquidity (ODL), Lithuanian online money transfer provider FINCI will offer quicker, lower-cost cross-border payments.
ODL makes use of XRP, a cryptocurrency designed for payments, to allow frictionless cross-border payments at a fraction of the cost and speed of traditional payment rails.
According to Ripple’s New Value research, 70% of European financial institutions questioned believe blockchain will have a substantial influence on their company in the next five years, and 59 percent are already interested in implementing the technology for payments.
As Ripple‘s first-ever Lithuanian customer, FINCI is prepared to benefit from ODL and establish up a new channel between Europe and Mexico. In this Eastern European country, B2B payments and retail remittances are major international payment flows, therefore employing ODL will simplify payments for both businesses and individuals.
Lithuanian payment service providers and Medium-Sized Enterprises can use ODL to obtain access to additional Ripple network partners, as well as free up funds from prefunded accounts to invest in growing their businesses. Now that ODL is accessible, trapped money owing to prefunding—which accounts for $10 trillion globally—is effectively ignored capital.
The savings and operational efficiencies realized through ODL would allow FINCI to “put money back into the business and strengthen our offering to our customers,” according to Mihalis Kuznecovs, the company’s CEO.
End-users of FINCI will be able to utilise the full scope of their cross-border payment. Remittance costs are set to grow cheaper, and payment flows are about to get faster, thanks to an efficient, affordable alternative to traditionally expensive payment rails.
Sendi Young, Ripple’s Managing Director of Europe, noted, “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.”
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