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Ripple unveiled its first customer in Lithuania

May 20, 2022
Ripple

Ripple unveiled its first customer in Lithuania. Source: facebook.com

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.

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
Mihails Kuznecovs, Chief Executive Officer, FINCI

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.

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
Sendi Young, Managing Director, Europe, Ripple

We’ve reported that new app helps Aussie kids to learn about digital money.

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