By Ifaenyi Egede (Nigeria)
With the way Ripple has been talking about investing across Asia, the region might be the next big market for the payment company to debut their cross border payment. Ripple is known for the use of its On Demand Liquidity (ODL) to enable cross border payments across the globe. About last week, news made the rounds that Ripple CEO, Brad Garlinghouse held a key meeting with chiefs of Brazil’s Central Bank. Even though the details were not released to the public, there were rumours of a potential partnership between the country and the firm.
Pilot test almost completed, SBI Ripple CEO says
Last week, CEO of SBI Ripple Asia, Adam Traidman granted an interview on YouTube channel Thinking Crypto where he said that Ripple is gearing up to start its On Demand liqu2idity payment across the country. SBI Ripple Asia is an arm of SBI Holdings, a financial services firm in Japan. Taking the words of the CEO into consideration, Ripple has already begun the trial and pilot test of the new development in the region already.
The CEO noted that Ripple has enlisted various companies across the region with the aim of spreading their operations across the region in the coming years. Adam Traidman has noted that the company is looking to cap off its testing phase and debut the services by the end of this year or early next year. He said he expects companies and individuals across the region to take advantage of the low transaction fees it offers and patronise them.
Ripple promises low transaction fees across Asia
Talking about the service, the CEO said, “I expect remittance companies that were restricted in growth because they have pre-funding requirements, they have a lot of capital – they’re going to have a lot more flexibility.” Ripple ODL platform is one of the safest, fastest and most secure remmitance services across the globe. The platform charges one of the lowest fees for transactions and takes about just one day to settle all pending transactions compared to some modes that takes more than 3 business days.
Traidman further notes that working with the ODL platform will remove the possibility of price fluctuations and pre-funding requirements when making cross-border transfers. Ripple has enjoyed massive patronage from firms around the world with the payment platform recording thrice the volume of transactions that it witnessed in the last quarter of last year. Like previously mentioned, payments using the ODL platform are cheaper compared to other means of cross border payments. The CEO noted that the fees for transactions in South America and Asia will be lower relative to what they charge in other regions.
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