The company has expanded its use of Ripple’s ODL after experiencing the potential of the payment solution.
I-Remit, a Philippines-based non-bank remittance service provider, has announced that it has expanded its use of Ripple’s On-Demand Liquidity (ODL) solution to enhance its cross-border treasury flow.
According to a recent announcement made by Ripple, I-Remit is among the early adopters of ODL and has been using the payment solution for cross-border remittances in real-time into the Philippines since 2018.
🇵🇭Mabuhay! We’re excited to announce the expansion of our partnership with I-Remit in the Philippines.
As one of the earliest adopters of #ODL, I-Remit is expanding their use of ODL to improve their internal treasury management.
Learn more: https://t.co/r6G5N8Q3YG
— Ripple (@Ripple) September 21, 2022
Following its adoption of Ripple’s ODL in 2018, I-Remit had first-hand experience of the potential of the payment solution into one of the largest remittance destinations globally and has chosen to expand its use of ODL.
I-Remit New Use Case for Ripple’s ODL
I-Remit will use the ODL solution to improve its internal treasury management for maximum efficiency this time. It is noteworthy that internal treasury payments face the same challenge as cross-border settlements under the traditional banking system.
Using ODL for treasury payments now allows I-Remit to get steady access to liquidity to meet their funding requirements, thus allowing settlements to be made on the same day. The announcement adds that the fund required for funding destination accounts can be used to scale the company’s operations in their overseas subsidiaries.
“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 their overseas subsidiaries and support its partners.”
Growing Demand for Ripple’s ODL Solution
Meanwhile, Ripple has continued to record a growing interest in its On-Demand Liquidity solution. Ripple announced in its Q2 2022 financial report that ODL demand spiked so high that it prompted the Silicon Valley tech company to purchase XRP from secondary markets to meet these demands.
The growing interest in ODL solutions has seen billions of XRP shuffled between Ripple’s On-Demand Liquidity partners like Bitstamp and unknown whales.
“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, Senior Vice President and Managing Director at Ripple.
Brooks added that Ripple is excited to expand its partnership with I-Remit to help the company bridge liquidity gaps.