Ripple’s New Deal Opens XRP Transfers Between EU and Mexico -Breaking
Ripple has signed a partnership agreement with FINCI, a leading European fintech company. This week Ripple opens a new market to its ODL services. This new partnership will allow for faster cross-border payments among small- and medium-sized businesses (SMEs) across different continents.
Official announcement: RippleNet’s financial technology will enable businesses and retail customers to make and receive cross-border payments.
Lithuania will soon receive #ODL 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) May 18, 2022
Cross-border payments have traditionally been slow, complex and unreliable, said Sendi Young, the Ripple’s Managing Director for Europe. According to her, RippleNet’s On-Deman Liquidity (ODL) service will give European and Mexican customers a new way to grow and scale their business by tapping into global crypto liquidity.
RippeNet’s ODL service allows using the XRP coin as a bridge currency of a payment flow. RippleNet turns a foreign transaction into the equivalent amount of XRP by converting it to a cryptocurrency exchange. It instantly sends the funds into a partner exchange in a receiver’s country, where XRRs are converted back into the local fiat currency.
A Lithuanian FINCI payment services provider provides financial services to private and commercial customers throughout 29 countries. This includes the major markets of Mexico and Europe.
The partnership is said to expand Ripple’s ODL service geography, which currently covers 25 markets including Singapore, Malaysia, Indonesia and Thailand. Ripple claims that blockchain-based payments services are increasingly popular in Europe. Nearly 60% of European financial institutions have responded to Ripple’s survey and want to use it for payment transfers.
Ripple, which is one of the first enterprise-grade blockchain and crypto payment service providers, accounted for $15 billion worth of RippleNet’s annualized payment volume in 2021.