Ripple Signs New Massive Partnership To Use XRP for Cross Border Payments

Ripple has been in the spotlight a lot, and this is mostly due to the numerous projects and partnerships that the team has been flaunting. Check out the latest reports that suggest that XRP adoption is still going strong.

Ripple teams up with a Lithuanian financial technology (FinTech) firm to facilitate cross-border money transfers.

Accoridng to the latest important reports, via a new press release, Ripple says it’s joining forces with the Vilnius-headquartered FINCI to offer services for both retail and business-to-business (B2B) customers.

The same official notes reveal that RippleNet’s On-Demand Liquidity (ODL) protocol will leverage XRP to enable payments between Europe and Mexico. The important thing is that this will be happening without requiring FINCI to tie up capital by pre-funding accounts located abroad.

FINCI CEO Mihails Kuznecovs says the following about this important move:

“We’re excited to be working with Ripple to make it easier for FINCI customers to move money around the world.”

He continued and explained this:

“We share the same fundamental goal of removing the hidden inefficiencies affecting international payments.”

He also stated: “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.”

One important thing that is worth mentioning is that FINCI represents Ripple’s first-ever customer located in Lithuania.

Also, its ODL service has now expanded into over two dozen payout markets including Singapore, Poland, and Thailand.

As per the Daily Hodl online publication, Ripple’s European managing director Sendi Young explained how using ODL enables more efficient international transactions.

“Cross-border payments have traditionally been slow, complex and unreliable.”

He also continued:

“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.”

The adoption of XRP is still going great, despite the fall of the coin’s price.