Ripple has announced a partnership with FINCI, the Lithuanian online international money transfer provider. They aim to deliver instant and cost-effective retail remittances and B2B payments via RippleNet’s On-Demand Liquidity, 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, giving them the opportunity to return capital into their business.
Cross-border payments are a challenge for PSPs and 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.
We’ve reported that new app helps Aussie kids to learn about digital money.