JAKARTA – Ripple adoption growth outside the United States is increasingly unstoppable even though the blockchain and payment solutions company was sued by the US Securities and Exchange Commission (SEC) in court.
Recently, Ripple announced a partnership with Lithuanian international money transfer provider FINCI. This collaboration allows for faster and more efficient remittances, as well as low cost.
Apart from that, the company also enables efficient B2B (business to business) payments. The payment process will use RippleNet's On-Demand Liquidity (ODL) using XRP digital assets to facilitate cross-border delivery processes.
As reported by Business Wire, FINCI is the first company in Lithuania to partner with Ripple and represents the opening of a new market for Ripple's ODL. The partnership allows FINCI customers to make cross-border payments between Europe and Mexico.
For information, FINCI is a fintech company that offers various financial services for both individuals and companies. FINCI has operations in 29 countries. Ripple itself is in line with FINCI's desire to make people's finances faster and more affordable.
Meanwhile, FinanceFeed reports that RippleNet has attracted more than 300 financial institutions and they have established partnerships with companies.
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“We are 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 eliminating the hidden inefficiencies that affect international payments,” said FINCI CEO mihails Kuznecovs.
"What's more, the savings and operational improvements we will achieve using Ripple's ODL will allow us to get money back into the business and improve our offerings to our customers," he added.
Ripple itself exists as a blockchain-based cross-border payment solution and is an alternative for instant and efficient remittances. This is clearly different from the traditional bank payment system, which is still slow and complicated.
“Cross-border payments have traditionally been slow, cumbersome, and unreliable. ODL is the first enterprise-level solution to address this cross-border payment problem by leveraging global crypto liquidity, providing our customers with a completely new way of doing business to help them grow and thrive. We are pleased that FINCI is our latest ODL deployment in Europe and look forward to announcing additional European partners soon that are preparing for a crypto-enabled future,” said Ripple Europe Managing Director, Sendi Young.
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