Crypto

Ripple Sign Partnership to Use XRP for Cross Border Payments

Ripple has been in the middle of the market subject due to the big number of projects

The Ripple XRP has been the main topic to discuss in the crypto market, due the massive number of partnerships and projects that the team has been flaunting.

Ripple is cooperating with a Lithuanian financial technology (FinTech) company to ease the cross-border money transfers.

Ripple says in a new press release that it is teaming up with the Vilnius-headquartered FINCI , to offer services for both retail and business-to-business (B2B) customers.

However, the same notes released also that the RippleNet’s On-Demand Liquidity (ODL) protocol will benefit from XRP to enable payments between both Europe and Mexico. what is important about this is that it will working without the need for FINCI to tie up capital by pre-funding accounts located abroad.

Mihails Kuznecovs, the CEO of FINCI says this about the 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 more crucial thing about it is that FINCI represents Ripple’s first-ever customer located in Lithuania.

Moreover, its ODL service has expanded to more than 2 dozen payout markets which includes Poland, Thailand and Singapore.

Sendi Young, the European managing director of Ripple, explained how the use of ODL would enable more efficient international transactions, according to the Daily Hodl online publication.

“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 Ripple is trading by the time of writing this article at $0.4136 and the it is trading in red.

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