Ripple is partnering with a Lithuanian fintech company to expand RippleNet into the Eastern European market.

Even while the US Securities and Exchange Commission pursues legal action against Ripple, the company continues to spread its wings to encompass as many locations as possible. The company is known for its large blockchain network, which allows financial institutions to send cross-border payments and connect with one another far more readily than they could on existing platforms such as SWIFT.

Ripple is presently preparing to launch its payment platform and services in Lithuania. It's teaming with FINCI, a Lithuanian fintech firm that's already established in 29 countries with a Mastercard-powered debit card and an easy iOS and Android app that lets clients send and receive payments in numerous currencies throughout the world.

FINCI will now use Ripple's ODL (On-Demand Liquidity) mechanism as part of the RippleNet service to make cross-border payments to Mexico more convenient.

There is no need to pre-fund foreign accounts.

ODL settles payments between two entities in separate jurisdictions using Ripple's native crypto, XRP. This removes the need for financial institutions to pre-fund their international accounts. XRP is used to mediate payments on ODL and then settle payments in local currencies on both sides. This is a major benefit to the parties concerned because it allows them to keep their money and build their business.

Ripple's ODL makes cross-border payments fast and secure, in addition to using XRP. Traditional payment systems, such as banks, require days, if not weeks, to settle foreign payments. It takes a few seconds for RippleNet, ODL, and XRP to settle. This is one of the reasons RippleNet has attracted numerous financial institutions, including several central banks.

In Europe, Ripple is gaining traction.

Lithuania has a reputation for being one of Europe's most crypto-friendly countries. It is also the first country in Europe to establish its own CBDC. However, the relationship between Ripple and FINCI may serve as a springboard for putting the rest of Europe onto RippleNet. Ripple is already well-liked throughout Europe.

According to the company's recent market research, over 70% of people working in financial institutions in Europe believe that blockchain technology will have a significant impact on the banking industry within the next five years. Furthermore, about 60% of them are already open to embracing the new technology.

This indicates that a sizable portion of potential European customers are ready for Ripple's blockchain-based goods. Ripple's payment system has experienced an influx of new clients, with the peak occurring in 2021. Malaysia, Indonesia, Poland, Singapore, and Thailand are among the 25 markets where the ODL is now active. Ripple has partnered with SBI Remit, iRemit, Azimo, Pyypl, Novatti, Tranglo, and FlashFX in addition to FINCI.

The payment system already processes roughly $15 billion in annual transactions, and the relationship with FINCI is expected to dramatically boost this figure.

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