I-Remit Advances Its Use of Ripple’s ODL

I-Remit-Advances-Its-Use-of-Ripple’s-ODL
  • I-Remit is a Philippines-based non-bank remittance service provider.
  • I-Remit is among the early adopters of ODL.
  • Internal treasury payments earlier face the same challenge as cross-border settlements.

In order to improve its cross-border treasury flow, I-Remit, a non-bank supplier of remittance services with headquarters in the Philippines, has stated that it has increased its usage of Ripple’s On-Demand Liquidity (ODL) product.

I-Remit is one of ODL’s early users and has been utilizing the payment system to send money across borders in real-time to the Philippines since 2018, according to a recent release by Ripple.

I-Remit will this time enhance its internal treasury administration to achieve optimum efficiency using the ODL solution. It is notable that internal Treasury payments under the old banking system confront the same difficulty as cross-border settlements.

I-Remit decided to increase its use of ODL after adopting Ripple’s ODL in 2018 and seeing firsthand how the payment solution could be integrated into one of the biggest remittance destinations on the planet.

I-Remit is now able to acquire 24/7, all-year-round access to liquidity for their financing requirements, allowing same-day settlement internationally, by utilizing ODL for treasury payments. I-Remit may now use these monies to grow the commercial operations of its international subsidiaries and help their partners since the necessity to pre-fund destination accounts over many days has been abolished.

Ripple

In the meanwhile, Ripple has seen an increase in demand for its On-Demand Liquidity product. In its Q2 2022 financial report, Ripple stated that the Silicon Valley tech company had to buy XRP from secondary markets in order to fulfill the rise in ODL demand.

Millions of XRP have been traded between Ripple’s On-Demand Liquidity partners like Bitstamp and unidentified whales as a result of the rising interest in ODL solutions.

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