Ripple partners with Lithuanian money-transfer provider FINCI

American fintech company Ripple announced a partnership with the Lithuanian provider of international online money transfers FINCI.

🇱🇹 #ODL is coming to Lithuania! 🥳

We’re excited to partner with FINCI to open up a new payments corridor between Europe & Mexico, making it easier than ever for consumers & businesses in these regions to send/receive payments in real-time.

Learn more: https://t.co/jIXQa4iqje

— Ripple (@Ripple) May 18, 2022

Under the partnership, the Vilnius-based firm uses the On-Demand Liquidity (ODL) solution for transfers in the Lithuania–Mexico corridor, as well as for business payments.

According to the statement, ODL eliminates the need for pre-funding of international transactions and will enable real-time processing.

“Thanks to the RippleNet platform and Ripple’s technology, FINCI’s clients have an alternative to legacy payment systems and can make transfers and send funds abroad faster, more reliably, and at lower cost,” the American fintech company said.

Sandy Young, Ripple’s managing director in Europe, highlighted strong demand for the firm’s products and announced plans to further expand cooperation with financial intermediaries in the region.

The company noted that in 2021 the number of transactions on the RippleNet network doubled, and the volume reached a record $15 billion.

Earlier in March, RippleNet began using it for international payments with National Australia Bank and Canadian Imperial Bank of Commerce — two of the largest financial institutions in Australia and Canada, respectively.