Payments blockchain platform Ripple has teamed up with FINCI for instant retail remittances and business-to-business payments through RippleNet’s On-Demand Liquidity.
The partnership allows the clients of the Lithuanian online money transfer service provider to easily transfer funds between Europe and Mexico without pre-fund accounts.
FINCI’s CEO, Mihails Kuznecovs, welcomes the step as a means by which businesses will be able to save money through the efficiency of Ripple’s ODL.
Lithuania has been one of the proponents of cryptocurrency in Europe and one of the jurisdictions considered crypto-friendly. The country was the first to develop its CBDC.
ODL uses Ripple’s native token XRP to complete payments in the local currencies via crypto liquidity. The news comes after XRP dipped more than 40% amid a market-wide crypto rout in the past week.
FINCI is a digital global money transfer service provider, while RippleNet’s ODL offers crypto-powered international payments.