ENTERPRISE blockchain and crypto solutions company Ripple announced on Sept. 21, 2022 that its partner, I-Remit, the largest non-bank remittance service provider in the Philippines, will expand and continue using Ripple’s on-demand liquidity (ODL) solution to improve its cross-border treasury flows.
I-Remit was an early adopter of ODL and has been using the blockchain-enabled enterprise solution to clear cross-border payments in real time and cost-effectively into the Philippines. The solution leverages the XRP crypto coin, the digital asset built for payments as a bridge between two fiat currencies.
The cryptocurrency is designed to allow large sums of money to be sent securely and quickly at very little cost, and solves the problems of high charges of sending money around the world and the payments taking several days to reach the recipient’s bank account.
“As one of the earliest adopters of Ripple’s ODL solution, we’ve been able to scale and accelerate our extensive payout capabilities here in the Philippines. We’re excited for this next chapter of our well-established partnership with Ripple to further utilize ODL for our money flow and provide the best possible service for our customers,” I-Remit Chairman and President Harris Jacildo said.
Ripple was the first enterprise company to leverage crypto to tackle the trillion-dollar challenges with cross-border payments. The company’s RippleNet (ripple.com) is a network of institutional payment providers that provide a frictionless experience to send money anywhere on the horizon of the globe.