a Ripple executive has revealed plans for the expansion of the ODL remittance corridor to APAC and EMEA
San Francisco fintech firm Ripple aims to expand its remittance brokers ODL (XRP-based payment solution) to APAC and EMEA, a senior executive at the firm has said.
Ripple plans to boost remittances to APAC and EMEA soon
Traditional nostro / vostro systems require pre-financing before sending money across borders. Ripple created the On-Demand Liquidity (ODL) payment solution that takes advantage of the XRP cryptocurrency to transfer money quickly and at low cost without the need for pre-financed accounts. This certainly simplifies the lives of your clients and financial institutions by making cross-border payment processing smooth.
Ripple has already established four payment brokers that are currently enjoying high transaction volumes. Now, according to Ripple's senior vice president of clients, Marcus Treacher, the blockchain startup is looking to create new ODL brokers for Asia-Pacific and also Europe, the Middle East and Africa over the course of this year.
In a new interview published by City AM, Treacher joked:
“We are also focused on expanding our liquidity on demand service that uses XRP as a bridge currency between two fiat currencies; This is the first time that digital assets have been used in production for a business use case. We have established liquidity on demand brokers in Mexico, the Philippines, Australia and Europe, and we look forward to continuing this expansion by opening brokers to APAC and EMEA this year. ”
How it was informed In early June, Ripple's senior vice president of corporate and product development at Ripple, Asheesh Birla, also stated that the company is actively working on new ODL brokers this year.
Is Ripple the Jekyll and Hyde of the cryptocurrency market?
Ripple is making various contributions to the cryptocurrency industry, as well as to clients around the world. For example, Treacher explains that financial technology has partnered with traditional financial systems in an attempt to accelerate innovation that will provide customers with a faster and more convenient experience.
He cites the partnership between Ripple and Banco Santander where the couple developed a blockchain-based mobile app that offers fast international payments.
“The app completely overhauled the previously established inconvenient process where a customer would have to visit a branch, fill out forms, and then wait days for the recipient to receive the money. Now the bank uses RippleNet to offer same-day international payments with an easy mobile experience. "
On the subject of the obstacles currently facing the cryptocurrency market, Treacher notes the lack of regulatory clarity as one of them. At the moment, national currencies like the dollar or the pound have extensive rules and regulations that dictate how these assets should be treated. However, most countries are reluctant to develop the same for nascent cryptocurrencies.
Treacher hinted that Ripple is playing its role in shaping the future of cryptocurrencies by being the first blockchain-oriented company to join global regulatory bodies like ISO 20022.
But despite these efforts, Ripple is constantly facing criticism for other reasons at the same time. Case in point, some observers of cryptocurrencies claim that it intentionally smooths the growth of the XRP cryptocurrency due to the large amount of XRP that still controls and constantly "downloads" investors. Additionally, the company also faces several class action lawsuits alleging the sale of XRP as an unregistered security.