Digital remittance offers faster, cheaper money transfer

Enterprise blockchain and crypto solutions provider Ripple and I-Remit expanded their partnership in utilizing On-Demand Liquidity to improve cross-border transactions for faster and cheaper money transfers.

I-Remit is an early adopter of ODL after partnering with Ripple in 2018 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.

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 its 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 can now get 24/7, all-year-round access to liquidity for their funding requirements, 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.

“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 utilize ODL for treasury management further 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 expanding 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.

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 accelerate their business performance and scale across a global network. 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.

I-Remit joins companies, including FOMO Pay, Novatti, FlashFX, Tranglo, SBI Remit, Pyypl, and more, realizing the benefits of ODL for their business and customers.

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