The American fintech company Ripple has announced a partnership with the Lithuanian provider of international online money transfers FINCI.
🇱🇹 #ODL is coming to Lithuania! 🥳
We’re excited to partner with FINCI to open up a new payments corridor between Europe & Mexico, making it easier than ever for consumers & businesses in these regions to send/receive payments in real-time.
Learn more: https://t.co/jIXQa4iqje
— Ripple (@Ripple) May 18, 2022
As part of the cooperation, the Vilnius-based firm uses the On-Demand Liquidity (ODL) solution for transfers in the corridor between Lithuania and Mexico, as well as business payments.
According to the statement, ODL will eliminate the need for pre-financing of international transactions and allow them to be made in real time.
“Thanks to the RippleNet platform and technology from Ripple, FINCI customers have an alternative to legacy payment systems and can transfer and send funds abroad faster, more reliably and at lower cost,” the American fintech company said.
Sandy Yang, managing director of Ripple in Europe, emphasized the strong demand for the firm’s products and announced further expansion of cooperation with financial firms in the region.
The company noted that in 2021 the number of transactions in the RippleNet network doubled, and the volume reached a record $15 billion.
Recall that in March, RippleNet began to be used for international payments by National Australia Bank and Canadian Imperial Bank of Commerce, one of the largest financial institutions in Australia and Canada, respectively.
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