American fintech company Ripple has announced a partnership with Lithuanian international online money transfer provider FINCI.

As part of the collaboration, the Vilnius-based firm uses an On-Demand Liquidity (ODL) solution for trade payments as well as transfers across the corridor between Lithuania and Mexico.

According to the statement, ODL will eliminate the need for pre-financing of international transactions and allow real-time transactions.

“Thanks to Ripple’s RippleNet platform and technology, FINCI customers have an alternative to legacy payment systems and can transfer and send money abroad faster, more reliable and at lower cost,” the American fintech company said.

Sandy Yang, managing director of Ripple in Europe, highlighted the strong demand for the firm’s products and announced further expansion of cooperation with financial firms in the region.

The company noted that in 2021, the number of transactions on the RippleNet network doubled, with volume reaching a record $15 billion.

Recall, in March, RippleNet was launched for international payments by National Australia Bank and Canadian Imperial Bank of Commerce, one of the largest financial institutions in Australia and Canada, respectively.