Ripple, as part of its European expansion, has partnered with the Lithuanian payment platform FINCI to improve the efficiency of international payments using digital assets.
Cryptocurrency company Ripple reported about a partnership with the Lithuanian international money transfer provider FINCI to provide retail and b2b payments through RippleNet’s On-Demand Liquidity (ODL), which supports payments in cryptocurrency. Ripple claims that through this partnership, FINCI customers will be able to make seamless payments between Europe and Mexico.
Ripple’s European Region Director Sendi Young stated that FINCI has become the first Ripple client in Lithuania. According to the top manager, the cooperation will allow to better study the payment market in Eastern Europe. Yang noted that Lithuania is considered one of the most cryptocurrency-friendly countries in Europe.
FINCI CEO Mikhail Kuznetsov assured that the merger of the two financial technology companies will make it easier for consumers and businesses to make real-time payments, including domestic and international money transfers, at a lower cost.
ODL uses the native digital asset Ripple XRP for real-time settlements in local currency using cryptocurrency liquidity. The solution eliminates the need for financial institutions to pre-fund their overseas accounts in order to provide payment services. This allows you to expand your business without raising capital.
FINCI is an internet provider for international money transfers, while RippleNet’s ODL provides cross-border, cryptocurrency-enabled payments. ODL leverages global cryptocurrency liquidity to provide clients with enterprise-grade solutions for cross-border payments.
The use of XRP in international payments may only be promising for a few years. According to a study by the Bank for International Settlements (BIS), at the moment, about 90% of the Central Banks of various countries of the world are researching or working on government cryptocurrencies.
Source: Bits
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