ODL, Line of Credit and the Bank of America rumor

October 20, 2020 Editor Ripple 0

  • On day 1 of Ripple’s Swell, CEO Brad Garlinghouse emphasized the central role of XRP in RippleNet.
  • Screenshots and footage from an ODL demo reignited the rumor of a partnership between Bank of America and Ripple.

This year’s Ripple Swell conference is held in camera, however, some news and interesting comments have been leaked. In addition, Ripple itself has shared on Twitter the opening of Swell by CEO Brad Garlinghouse. In his opening keynote, Garlinghouse said that the “financial industry has not seen innovations like this in decades”. Digital banks and PSPs (Payment Service Providers) “are putting pressure” on the existing system, while digital wallets continue their “meteoric rise”. Ripple is right in the middle of this with its vision of the Internet of Values, as Garlinghouse emphasized.

Furthermore, the XRP YouTuberin “Crypto Eri” revealed some more interesting statements. Brad Garlinghouse is said to have said that “XRP is the key behind RippleNet” and that Ripple is now “doubling down” its efforts with 500 employees. According to Crypto Eri, a particularly interesting point of the first day was also Ripple’s new product “Line of Credit”, for which some new details became public.

The product is managed by Barry Joseph and replaces a pre-financing process that previously took two to three months. Line of Credit streamlines the entire process to 24 to 48 hours, with RippleNet members purchasing XRP at a pre-determined price. The annual percentage rate of interest ranges from 4% to 12%, depending on the length of the agreement (90 to 360 days), with repayment in local currency rather than XRP.

There was also an On-Demand Liquidity (ODL) panel with 3 partners: Flash FX from Australia, Bitso from Mexico and a “new face” with Sigue Group CEO Guillermo de la Vina. Sigue is a financial company that offers a range of products and services, including personal money transfers and mobile money transfers. De la Vina explained that Sigue was able to launch a new ODL corridor within 6 months.

An unconfirmed rumor, which, however, also confirms earlier leaks, is a possible partnership between Bank of America and Ripple. Although the XRP community is divided on this issue, there are screenshots and footage on Twitter showing an ODL demonstration video of Bank of America. However, the version of the presentation is not confirmed, other sources write “Fast Remit”.

Ripple awards its best partner

Marcus Treacher, Senior Vice President of Customer Success for the company, also named Ripple’s customers SABB (Saudi British Bank) and TB Bank as winners of the “CX Impact Award”. This award is presented to Ripple’s banks and companies that significantly improve the customer experience and have a significant impact on their customers.

Both banks use RippleNet successfully. TB Bank is the largest bank in Vietnam and “eager for innovation”. The bank has been using the RippleNet since 2019 to make cross-border transfers between Vietnam and Japan at high speed and low rates. In addition, DeeMoney and Banco Rendimento received the “Network Accelerator Award” from Treacher.