Ripple Head of Global Banking, Marjan Delatinne granted an interview on the “Future of Finance” YouTube channel. In the interview, he stated that the company is working tirelessly to increase the spread of their cross border payment to Brazil and the Philippines. He said that even though they are still in talks with the countries, he said that he is confident that they would seal the deal to expand their services to the region.
Ripple ODL payments explained
Ripples On-Demand Liquidity ODL is a service that is used to facilitate cross border payments among countries with the use of the XRP cryptocurrency. With the use of the crypto, the transactions are flawless, efficient, and fast with the cost transaction fee reduced compared to the normal payments system. Speaking on the latest development, Ripple was quoted as saying in their website that “International payments, especially in emerging markets, require businesses to hold pre-funded accounts in destination currencies. It’s a costly endeavor that ties up resources. RippleNet provides an alternative. While any financial institution on the network enjoys reliable, instant, and lower-cost transactions, those who use the digital asset XRP to source liquidity can do so in seconds—freeing up capital and guaranteeing the most competitive rates available today.”
Ripples ODL system payment is moving at a rapid pace
During the discussion on the YouTube channel, the Head of Global services noted that Ripple is still working towards making the ODL payments a globally adopted service. He further stated that the new markets would enable rich markets and facilitate a faster payment system. Delatinne stated that even though they are setting their sights on Brazil and the Philippines for now, they are aiming for global adoption. The recent good news to Ripple is that not only is the ODL payments expanding to different countries, it is also increasing in volume.
With over 300 financial institutions already on the list of Ripple’s network, the RippleNet, Brazil boasts of only three firms in the list. Ripple says their moving rapidly to establish ground in Brazil and help increase the number of companies in the country that is partnering with them. Furthermore, Ripple says that Brazil is not the only country that they have their sights on, they are hoping to move to other Latin American countries. CEO of Ripple, Brad Garlinghouse, held a closed-door meeting in previous weeks with Brazil high chiefs and even though the details are still unknown, analysts are saying it has something to do with the partnership.