Blockchain and crypto solutions provider, Ripple announced a partnership with FINCI, an online global money transfer provider based in Lithuania, today. The collaboration will assist the business-to-business payments through RippleNet’s on-demand liquidity, a service that leverages XRP for crypto-enabled efficient cross-border payments.
The partnership has opened a new market for Ripple as FINCI has become the first partner of the blockchain company in Lithuania. Known for its digital adoption in the financial sector, Lithuania is one of the fastest-growing fintech markets in Europe.
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.
In April 2022, Allbridge, a well-known cross-chain bridge, successfully integrated support for the XRP Ledger.
Ripple in Europe
According to Ripple, the overall demand for its products has jumped significantly in Europe. The popularity of blockchain technology for payments has increased in the region. Ripple’s recent research shows that almost 59% of financial institutions in Europe are planning to use blockchain for payments in the coming years.
“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.
