I-Remit Taps Ripple’s Liquidity Solution for Same-Day Settlements Globallyby Fintech News Philippines September 22, 2022
I-Remit, a non-bank remittance service provider in the Philippines, will leverage Ripple’s On-Demand Liquidity (ODL) solution to improve its cross-border treasury flows.
As a partner of Ripple since 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.
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.
I-Remit joins the likes of FOMO Pay, Novatti, FlashFX, Tranglo, SBI Remit, Pyypl in leveraging the ODL solution.
“As one of the earliest adopters of Ripple’s ODL solution, we’ve been able to scale and accelerate our extensive payout capabilities in the Philippines.
We’re excited for this next chapter of our well established partnership with Ripple to further utilize ODL for treasury management and provide the best possible service for our customers,”
said Harris D. Jacildo, Chairman and President of I-Remit.
“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.
We’re excited at the expansion of our partnership with I-Remit to help bridge liquidity gaps so they can grow and scale other aspects of their business,”
said Brooks Entwistle, Senior Vice President and Managing Director at Ripple.