Lithuania to launch first blockchain-based money transfer system

The American fintech company Ripple and Lithuania’s FINCI have entered into a strategic partnership that will provide «instant and cost-effective business-to-business (B2B) money transfers and payments through RippleNet On-Demand Liquidity (ODL).» The same protocol is used by Ripple’s XRP.

The money transfer system will allow for international transactions, among other things. «On-Demand Liquidity allows RippleNet customers to use the XRP digital asset to connect two currencies in a few seconds, enabling them to quickly send and receive payments in local currency. Commenting on the partnership, the companies noted that «XRP is ideal for global payments because it is faster, cheaper and more scalable than any other digital asset.»

FINCI is a «fintech company offering a range of financial services to private and business customers in 29 countries.» Using a Mastercard card and a mobile app, its customers «can easily send and receive payments from all over the world and in different currencies.»

The system will be piloted in Lithuania and Mexico only, but the company plans to expand cooperation with partners in other countries.