FINCI and Ripple pair up for new cross-border payments system


Lucy Ingham
Lucy Ingham
Head of Content
Lucy is Head of Content overseeing all content and taking deep dives into the trends and data driving changes in payments. Previously, Lucy worked as a technology journalist and editor,… Read more
  • Ripple, which is a well-known blockchain-powered service, has announced a new collaboration with Lithuanian cross-border payments service FINCI.
  • The move means that customers of FINCI will now be able to use XRP, which is Ripple’s own digital token, to transfer money across borders.
  • “We’re excited to be working with Ripple to make it easier for FINCI customers to move money around the world,” said a senior spokesperson for FINCI.

Ripple, a leading name in the blockchain cross-border payments space, has announced that it has paired up with FINCI, which is an online money transfer service operating across borders.

The new arrangement will mean that users of FINCI will now be able to transfer money in a significant corridor between Mexico and Europe using XRP, which is the in-house token offered by Ripple.

The move is designed to boost the European economy, which will have a positive impact for economies in both destinations.

Mihails Kuznecovs, who is the chief executive officer of FINCI, said that the firm was “excited” about the prospect of working together with Ripple.

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

He added that the companies had an overlapping goal of reducing “hidden inefficiencies” in the sector and that the “savings” that were on offer when using on-demand liquidity (ODL) offered by Ripple would be significant.

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

“What’s more, 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.”

For Ripple, the managing director for Europe, Sendi Young, said that payments had in the past been “slow" as well as complicated.

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

“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,” she added.

The move is taking place during an exciting time for Ripple.

The company recently announced that it will be expanding its on-demand liquidity (ODL) offer to a series of new locations.

These include the major Asian financial hub of Singapore as well as countries such as Malaysia, Poland, Indonesia and Thailand.

Do you want to know more about the inner workings of the international money transfer sector and how it can help you? If so, just head over to the reviews pages of our website and see what you can discover.

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