Lithuanian online money transfer provider FINCI is partnering with Ripple to enable faster, lower cost cross-border payments with RippleNet’s On-Demand Liquidity (ODL). ODL uses XRP—the cryptocurrency built for payments—to enable frictionless cross-border payments at a fraction of the cost and at a faster rate than traditional payment rails.
Ripple’s New Value report found that 70% of European financial institutions surveyed believe blockchain will have a significant impact on their business in the next five years, and 59% of those respondents are already interested in using this technology for payments.
FINCI is following suit as Ripple’s first ever Lithuanian ODL customer, poised to reap the benefits of ODL and open up a new corridor between Europe and Mexico. Both business to business payments and retail remittances are common international payment flows in this Eastern European nation, so using ODL will mean streamlining payments for the enterprise and the individual.
In addition to gaining access to other partners in the Ripple network using ODL, Lithuanian payment service providers and Medium-Sized Enterprises can free up capital from prefunded accounts to invest in scaling their businesses. So now, with ODL available, trapped capital due to prefunding—which accounts for $10T globally—is really just neglected capital.
Mihalis Kuznecovs, CEO of FINCI, comments on the savings and operational improvements achieved through ODL that will enable FINCI “to put money back into the business and enhance our offering to our customers.”
FINCI end-users will also be empowered to leverage the full scope of their cross-border payment. With an efficient, affordable alternative to traditionally expensive payment rails, remittance fees are about to get smaller and payment flows are about to get faster.
Sendi Young, Ripple’s Managing Director of Europe, remarks “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.”
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