Ripple and FINCI introduce the benefits of on-demand liquidity to Lithuania
By Joy Dumasia
Ripple, the leader in enterprise blockchain and crypto solutions, announced a partnership with FINCI, the Lithuanian online international money transfer provider, to deliver instant and cost-effective retail remittances and business to business (B2B) payments via RippleNet’s On-Demand Liquidity (ODL), which leverages XRP for crypto-enabled cross border payments.
FINCI is Ripple’s first customer in Lithuania, and the partnership represents the opening up of a new market for Ripple’s ODL. As a result, the partnership will enable FINCI’s customers to make seamless payments between Europe and Mexico while eliminating the need for FINCI to pre-fund accounts abroad, allowing them to return capital to their business.
Cross-border payments are a challenge for payments service providers (PSPs) and Small and Medium-Sized Enterprises (SMEs), who are left prefunding accounts and managing trapped capital. By using ODL, SMEs can now leverage previously trapped, pre-funded capital to grow and scale their business.
Together, the two leading FinTechs will make it easier than ever for consumers and businesses to make real-time payments internationally powered by Ripple’s financial technology, RippleNet. With FINCI’s technology, its customers now have an alternative to legacy payments systems and can make remittances and send funds across borders faster, more reliably, and at a lower cost.
“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 Chief Executive Officer, FINCI.
“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, Managing Director, Europe, Ripple.
Demand in Europe for Ripple’s products remains extremely strong. According to Ripple’s New Value research, 70% of respondents at financial institutions in Europe think blockchain will have a massive or significant impact on their business in the next 5 years, while 59% of respondents are interested in using blockchain for payments. Lithuania has been particularly forward-thinking in embracing digital assets, with its central bank being the first in the eurozone to issue a central bank-produced digital coin.
Ripple was the first enterprise company to leverage crypto to tackle the trillion-dollar challenges with cross-border payments. Ripple is the market leader in blockchain and crypto enterprise solutions and continues to see unprecedented growth globally as customers continue to grow and scale with ODL. In 2021 Ripple had its most successful year to date, more than doubling the number of transactions on RippleNet. RippleNet’s annualised payment volume run rate now stands at $15 billion.
RippleNet leverages blockchain technology to help partners across a global network accelerate their business performance and scale. It delivers a superior end-customer experience, simplified network partnering, liquidity management solutions, lines of credit, and state-of-the-art infrastructure to enable real-time payments.
Ripple’s ODL now enables payouts in 25 payout markets, including Singapore, Malaysia, Poland, Indonesia and Thailand. FINCI joins companies including Azimo, Novatti, FlashFX, iRemit, Tranglo, SBI Remit, Pyypl and more who are realising the benefits of ODL for their business and customers.
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