The blockchain company Ripple, based in San Francisco, has announced its first On-Demand Liquidity (ODL) clients in Sweden and France.
According to the firm, ODL powered by RippleNet has the potential to upend the European market. The partnerships’ primary goal is to enable real-time payments across borders between the two regions using Ripple’s financial technology, RippleNet.
Welcoming two new ODL partners today! @LemonWay as our first ODL partner in France & Xbaht as our first ODL partner in Sweden! ????
— Ripple (@Ripple) October 11, 2022
Together, we’re making it easier for consumers and businesses in these regions to make real-time payments around the world. https://t.co/WOFgR3D0IP
As part of the agreement in France, Ripple formed a partnership with Lemonway, a Paris-based company that offers payment services to online marketplaces. Lemonway will use RippleNet’s ODL to improve its treasury payment procedures.
The official blog post claims that Lemonway will do away with the requirement to pre-fund accounts abroad, allowing users to use previously trapped pre-funded capital to expand and ramp up their business.
Ripple has partnered with the local money transfer service Xbaht for its second ODL customer, Sweden, enabling money transfers between Thailand and the Scandinavian nation. The blockchain company will partner with Tranglo, the Singapore-based cross-border payment hub, to provide instant and affordable retail remittances via ODL.
According to Xbaht’s CEO, Michael Andersen, the new agreement will speed up and increase reliability while decreasing the cost of the process for its customers sending remittances between the two countries.
In a statement, Sendi Young, the managing director of Ripple’s European division, said:
“Since our inception ten years ago, Ripple has focused on using blockchain and crypto to build real use cases. This is why we have become the partner of choice for enterprises such as Lemonway and Xbaht looking to tap into global crypto liquidity to eliminate the traditional problems associated with cross-border payments such as lack of speed, unreliability, and excessive cost.”
The announcement from the payments company comes as its legal dispute with the SEC is still ongoing. The market is still working to recover from the tragic consequences of the turbulence, but Ripple insisted that its clientele has been expanding and scaling their businesses with ODL’s assistance.
The company asserted that RippleNet has a run rate of annualized payments exceeding $15 billion. ODL increased by over nine times year-over-year as of Q2 2022. (YoY). RippleNet has handled millions of transactions totaling billions of dollars since going live.
The 25 payout markets, including Poland, Malaysia, Singapore, Thailand, and Indonesia, are made possible by the ODL service. ODL is also used by businesses like FINCI, FlashFX, FOMO Pay, iRemit, Novatti, Pyypl, and SBI Remit, in addition to Lemonway and Xbaht.
Image Credit: Shutterstock
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