I-Remit, a non-bank remittance service provider in the Philippines, will expand its use of Ripple’s On-Demand Liquidity (ODL) solution to improve its cross-border treasury flows.
Ripple is an enterprise blockchain and crypto solutions provider whose partnership with I-Remit began in 2018.
I-Remit is 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. ODL leverages XRP, the digital asset built for payments as a bridge between two fiat currencies, thus enabling instant and low costs settlement without the need to hold pre-funded capital in a destination market.
“Ripple’s strong business traction and continuous growth in ODL volume would not have been possible without partners like I-Remit looking to take advantage of blockchain and crypto technology to solve real-world problems,” said Brooks Entwistle, SVP and managing director at Ripple.
Having first experienced the benefits of ODL to enable instant cross-border payments into one of the top five remittance destinations globally, I-Remit chose to expand its use of ODL to improve internal treasury management. Due to the archaic infrastructure that correspondent banking relies on, traditional treasury payments are subject to the same barriers and friction associated with cross-border payments.
By leveraging ODL for treasury payments, I-Remit is now able to get 24/7, all-year-round access to liquidity for their funding requirements, thereby enabling same-day settlement globally. Having eliminated the need to pre-fund destination accounts over several days, I-Remit can now channel these funds to scale the business operations of its overseas subsidiaries and support its partners.
Ripple was the first enterprise company to leverage crypto to tackle the trillion-dollar challenges with cross-border payments. RippleNet leverages blockchain technology to help partners across a global network accelerate their business performance and scale. It delivers a superior end-customer experience, simplified network partnering, liquidity management solutions, lines of credit, and state-of-the-art infrastructure to enable real-time payments.