Ripple has signed deals for its ODL system with Lemonway and Xbaht
San Francisco-based blockchain firm, Ripple, announced its first On-Demand Liquidity customers in France and Sweden.
According to the company, the European market is ripe for disruption with RippleNet-powered ODL. The main aim of the partnerships is to facilitate real-time payments across borders utilizing by Ripple’s financial technology – RippleNet – across the two regions.As part of the deal in France, Ripple inked a partnership with Lemonway, a Paris-based payment provider for online marketplaces, which will involve the latter leveraging RippleNet’s ODL to enhance its treasury payments processes.
For its second ODL customer Sweden, Ripple has partnered with the local money transfer provider Xbaht, which enables money movement between Thailand and the Scandinavian country. In this collaboration, the blockchain company will offer instant and cost-effective retail remittances via ODL, supported by Tranglo, the cross-border payment hub based in Singapore.
The company claimed that RippleNet’s annualized payment volume run rate is above $15 billion. As of Q2 2022, ODL grew over nine times year-on-year . Since going live, RippleNet has processed millions of transactions worth billions of dollars. The ODL service facilitates payouts in 25 payout markets, including Poland, Malaysia, Singapore, Thailand, and Indonesia. In addition to Lemonway and Xbaht, other companies such as FINCI, FlashFX, FOMO Pay, iRemit, Novatti, Pyypl, and SBI Remit are also using ODL for their business and customers.
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