Company

Ripple and FINCI introduce the benefits of on-demand liquidity to Lithuania.

London and Vilnius, 18 May 2022 – Today, Ripple, the leader in enterprise blockchain and crypto solutions, announced a partnership with FINCI, the Lithuanian online international money transfer provider, to deliver instant and cost-effective retail remittances and business to business (B2B) payments via RippleNet’s On-Demand Liquidity (ODL), which leverages XRP for crypto-enabled cross border payments.

FINCI is Ripple’s first customer in Lithuania and the partnership represents the opening up of a new market for Ripple’s ODL. As a result, the partnership will enable FINCI’s customers to make seamless payments between Europe and Mexico while eliminating the need for FINCI to pre-fund accounts abroad, giving them the opportunity to return capital into their business.

Cross-border payments are a challenge for payments service providers (PSPs) and Small and Medium-Sized Enterprises (SMEs) who are left prefunding accounts and managing trapped capital. By using ODL, SMEs can now leverage previously trapped, pre-funded capital to grow and scale their business.

Together, the two leading fintechs will make it easier than ever for consumers and businesses to make real-time payments internationally powered by Ripple’s financial technology, RippleNet. With FINCI’s technology, its customers now have an alternative to legacy payments systems and can make remittances and send funds across borders faster, more reliably, and at lower cost.

We’re excited to be working with Ripple to make it easier for FINCI customers to move money around the world. We share the same fundamental goal of removing the hidden inefficiencies affecting international payments. 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
Mihails Kuznecovs FINCI CEO

Real-time payments internationally

Demand in Europe for Ripple’s products remains extremely strong. According to Ripple’s New Value research, 70% of respondents at financial institutions in Europe think blockchain will have a massive or significant impact on their business in the next 5 years, while 59% of respondents are interested in using blockchain for payments. Lithuania has been particularly forward-thinking when it comes to embracing digital assets, with its central bank being the first in the eurozone to issue a central bank-produced digital coin.

Ripple was the first enterprise company to leverage crypto to tackle the trillion dollar challenges with cross-border payments. Ripple is the market leader in blockchain and crypto enterprise solutions and continues to see unprecedented growth globally, as customers continue to grow and scale with ODL. In 2021 Ripple had its most successful year to date, more than doubling the number of transactions on RippleNet. RippleNet’s annualized payment volume run rate now stands at $15B.

RippleNet leverages blockchain technology to help partners across a global network accelerate their business performance and scale. It delivers a superior end-customer experience, simplified network partnering, liquidity management solutions, lines of credit, and state-of-the-art infrastructure to enable real-time payments.

Ripple’s ODL now enables payouts in 25 payout markets including Singapore, Malaysia, Poland, Indonesia and Thailand. FINCI joins companies including Azimo, Novatti, FlashFX, iRemit, Tranglo, SBI Remit, Pyypl and more who are realising the benefits of ODL for their business and customers.

Don’t have a FINCI account?

Open an account in just a few minutes. Try out now it’s free.

Open an account

More FINCI business services

  • Is your business underserved by financial services?

    When you rely on technology alone, exceptional service is not possible. You need the human touch for that...

    Learn more
  • Compliance: Playing the game by the rules

    On the surface, financial compliance and referring football matches might seem to be two completely separate jobs. But when you think about it...

    Learn more
  • Putting the service into financial services

    Technology is important, of course. In many ways technology makes financial services better for customers. But not everything can be solved through technology...

    Learn more
  • FINCI Launches Exclusive Interview Series

    In the inaugural video of the series, viewers will gain valuable insights from our senior leaders about how FINCI goes above and beyond to serve our customers...

    Learn more
  • FINCI wins the Fintech Innovator of the Year award

    FINCI has been awarded the Fintech Innovator of the Year award at this year’s Lithuanian Fintech Awards, held in Vilnius...

    Learn more
  • Money 20/20: Creating a stand to stand-out

    As with any major event like this, grabbing attention is key. The more potential partners, investors and customers we attract to our stand, the better...

    Learn more
  • Happy Holidays! Check out our new Christmas advert.

    We hope this magical commercial brings you a little joy and sparks the Christmas spirit. Thank you for joining us on this journey. We wish you a happy and ...

    Learn more
  • BIN sponsorship cards without the complexity

    A BIN sponsor is a financial institution that’s an existing principal member of a payment card scheme, such as Mastercard. As a member of the scheme, FINCI is able to “sponsor” your business...

    Learn more
  • Co-branded debit cards for crypto and lending companies.

    Make it easy for your customers to spend their crypto funds or loans on everyday items.

    Learn more
  • FINCI now offers Google Pay! For faster, more secure payments.

    FINCI announced its integration with Google Pay, a mobile payment solution for Android phones. INCI’s mission is to make payments faster, easier and cheaper ...

    Learn more

Not yet joined the FINCI family?

Then open a personal account here (it takes about 5 mins). Then, if you need a business account, you can do that in just a few hours (it takes longer due to document verification steps, but is still way faster than with a traditional bank).

Personal Account

So fast, so easy.

No paperwork, no hidden fees, no hassle. Just 100% mobile banking that works beautifully.

Open an account in 5min

Business Account

So fast, so easy.

No paperwork, no hidden fees, no hassle. Just 100% mobile banking that works beautifully.