According to a recent piece from Finance Magnates, a Ripple fintech company from San Francisco, the creator of RippleNet, has partnered with FINCI—an online platform for global money transfer headquartered in Lithuania.
New partnership and they are using #XRP!— ?PandaRippleXRP? (@RipplePandaXRP) May 18, 2022
"The collaboration will assist the business-to-business payments through #RippleNet’s on-demand liquidity, a service that leverages XRP for crypto-enabled efficient cross-border payments."https://t.co/n5gnOEaZn5
Ripple to set up payments corridor between Europe and Mexico
Through this collaboration, Ripple intends to improve business-to-business payments using RippleNet's ODL—a liquidity platform fueled by the XRP cryptocurrency.
FINCI has become the first customer of Ripple in Lithuania, a leading fintech hub in Europe that has been growing fast as of late.
Thanks to this collaboration, FINCI intends to facilitate fast and low cost payments between Europe and Mexico for its clients.
FINCI boss Mihails Kuznecovs said in an interview that the goal of his company is to eliminate hidden obstacles and inefficiencies that hinder seamless cross-border payments, and here their goals match with those of Ripple.
He added that the use of Ripple's ODL (On-Demand Liquidity) service will enable the FINCI to make lots of operational improvements and savings, which will later be put back into the business in order to improve it in general.
Ripple already has several ODL corridors running in various regions, which includes Europe, Japan, the Philippines, Australia and Mexico. In Mexico, it uses local crypto exchange Bitso as an ODL service provider. As per data shared by Ripple recently, ODL is now present in 22 destination markets.
ODL's popularity in EU on the rise, Ripple says
Ripple has been spreading the word that, recently, the popularity of its products and services has risen significantly in Europe as blockchain is becoming used more and more often for payments in the EU.
As per recent research done by Ripple, in the near future, almost 60% of financial institutions in Europe intend to leverage blockchain to conduct payments.