Ripple Partners With FINCI To Facilitate Cross Border Payments

May 18, 2022 2:02 pm

Ripple has recently announced a new partnership with FINCI which is an online global money transfer service provider that is based in Lithuania.

FINCI will be utilizing RippleNet in order to facilitate its transactions and will specifically take advantage of Ripple’s On-demand Liquidity (ODL) service in order to make cross-border payments possible.

As for what benefits Ripple gets out of this partnership, the blockchain firm will be able to get access to a whole new market.

Lithuania is known as one of the most crypto-friendly regions in the world and is a rapidly growing market in the digital sector.

FinanceMagnates.com reports:

The collaboration will enable the clients of FINCI to make fast and convenient payments between Europe and Mexico.

“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,” said Mihails Kuznecovs, the Chief Executive Officer of FINCI.

This new partnership indicates the growing international demand for Ripple’s ODL service which has seen growth in Europe and Asia Pacific regions.

Research right now is showing that over 50% of financial institutions within Europe are already planning to use blockchain for payments and Ripple is the top contender in the financial space right now.

The reason for this is because cross border payments usually take a very long time to process and require a large amount of fees.

With the use of RippleNet, the time for the transaction to settle would be seconds and with minimal costs.

This benefits of such services have even been commented on by the heads of banking institutions themselves such as Jamie Dimon of JPMorgan.

FinanceMagnates concludes:

“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,” said Sendi Young, the Managing Director of Europe at Ripple.

With this new partnership, Ripple is one step closer to mainstream adoption in the European region.

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