Crypto solutions are gaining traction across Europe. Ripple’s 2022 New Value Report found that 70% of respondents at financial institutions in Europe predicted blockchain—the backbone technology that powers Ripple’s crypto solutions—to have a massive or significant impact on their business in the next five years.
Businesses in France and Sweden, however, aren’t standing by over those next five years, but instead are embracing crypto solutions now through Ripple’s two newest partnerships.
Since 2020, Paris-based pan-European payment institution Lemonway has partnered with Ripple to decrease payout times for their customers by streamlining their cross-border payments. Lemonway is now using Ripple’s On-Demand Liquidity (ODL) solution to enhance their internal treasury management, further positioning the company as the crème de la crème in payments.
As the first French payment provider for online marketplaces to utilize ODL, Lemonway is now able to drive operational efficiencies by reducing the need to pre-fund destination accounts abroad, giving them the opportunity to use previously trapped capital to expand into new markets and scale their business.
What’s more, Ripple has also announced a partnership with money transfer provider Xbaht in Sweden to enable instant, affordable retail remittances. Because ODL makes it possible to move capital around the world in seconds at a fraction of the cost of traditional payment rails that businesses currently rely on today, Xbaht is able to leverage this technology to enable their customers to send money across borders faster and cheaper than ever before.
Ripple’s goal of using blockchain and crypto to build real world use cases has positioned us to become the partner of choice for enterprises to tap into global crypto liquidity, eliminating the legacy frictions associated with cross-border payments such as slow settlement times, lack of transparency and excessive costs.
These partnerships allow consumers and businesses in France and Sweden to make real-time payments across borders—powered by Ripple.
Find out how your company can harness crypto solutions to improve cross-border capital flows.
