Coins.ph and OK Remit Tap Ripple Payment Solution for Cross-border Settlements From Japan to the Philippines.
Ripple Payment Solutions bags yet another adoption for cross-border settlements.
Coins_ph, a leading cryptocurrency company, has partnered with money transfer firm OK Remit. The partnership resulted in the launch of an On-Demand Liquidity (ODL) service that will leverage Ripple’s global payment network, RippleNet, to facilitate cross-border settlements from Japan to the Philippines.
According to a recent press release, the partnership was created via SBI Ripple Asia, a subsidiary of Ripple and SBI Holdings.
Details of the Partnership
Under the partnership, OK Remit will connect with Coins_ph and SBI VC Trade through RippleNet to enable instant and low-cost remittances from Japan to the Philippines.
The transactions will be settled instantly, and users will pay lower fees compared to traditional payment methods, thanks to the On-Demand Liquidity service.
The ODL service will leverage Ripple’s cryptocurrency (XRP) as a bridge between the fiat currencies of Japan and the Philippines.
Pert the announcement, the initiative eliminates the need to pre-fund the destination accounts, which will reduce operating expenses and free up capital.
Commenting on the development, Wei Zhou, Coins.ph CEO said the initiative is a game changer for the many Filipinos who reside and work in Japan.
Before now, these Japan-based Filipinos were forced to rely on traditional payment methods to transfer their money back home to their loved ones due to the absence of better solutions.
“Coins_ph is committed to harnessing the power of blockchain-based cryptocurrency technologies to empower Filipinos to move money across borders in a fast, frictionless, secure, compliant, and affordable way, making the global currency transfer system more inclusive in the process,” Zhou said, adding:
“The ODL service we launched today with OK Remit is an exciting example of how we can achieve that.”
Notably, remittances from Japan to the Philippines have grown tremendously over the years, with the total amount hitting $1.6 billion in October 2021.
“We are pleased to be working with Coins_ph and Ripple to bring crypto-asset technology to our international money transfer service,” Shujen Higashida, President of OK Remit, said.
Higashida added that OK Remit is committed to developing a faster and cost-effective payment solution that will enable Filipinos residing in Japan to “send money back home.”
Massive Adoption of Ripple’s Payment Solution
Meanwhile, this is not the first time RippleNet will be adopted for fast and cheap cross-border settlements.
Several financial institutions, including banks, have come to terms with the fact that the Ripple payment network is effective in sending money across borders.
As reported by TheCryptoBasic, top Australian and Canadian banks inked a partnership to use RippleNet to facilitate payments between the countries.
Yesterday we reported our observation that the World Economic Forum website is showing Ripple as its official partner.