Ripple Teams Up With A Lithuanian Company To Make Cross-Border Payments

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Last Updated on May 19, 2022 by Bitfinsider

A press release was issued to announce the deal. RippleNet’s On-Demand Liquidity (ODL) services, which use XRP to facilitate cross-border crypto payments, will be provided as part of the cooperation. Ripple has been a leader in enterprise blockchain and crypto solutions. This will allow for cost-effective and quick retail remittances and B2B payments.

The cooperation marks Ripple’s first customer in Lithuania, as well as the start of a new market for the RippleNet ODL.

FINCI, a Vilnius, Lithuania-based online international money transfer company, will soon be able to allow its customers to make smooth payments between Europe and Mexico without the requirement for pre-funded accounts.

Cross-border payments provide a significant problem for payment service providers (PSPs), particularly those who serve SMBs (SMEs). These enterprises are required to place money into prefunded accounts, resulting in a major portion of their capital being trapped. Smaller businesses can use On-Demand Liquidity services like RippleNet to withdraw capital from these pre-funded accounts and reinvest it in growing their firm. Remittance senders will also benefit from a faster, more reliable, and low-cost alternative to older payment methods as a result of the agreement.

Ripple has continued striving outside the United States, despite its ongoing legal battle with the SEC

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