Ripple announced several new XRP On-Demand Liquidity (ODL) customers and ODL payout markets on November 15 in a blog post. The lending provider’s new ODL payout markets include Africa, Argentina, Belgium, Israel, Australia, Brazil, Singapore, the UAE, the UK, and others.
Ripple’s On-Demand Liquidity (ODL) solution eliminates the frictions and bottlenecks associated with sending money across borders via legacy payment rails, such as high fees, long payment settlement times, and even physical bank branch access.
Ripple has also partnered with MFS Africa, a major fintech company in Africa, to help it set up seamless and low-cost payments for its clients around the world after expanding its chain of ODL corridors to various countries around the world.
We’re thrilled to announce that our On-Demand Liquidity (ODL) solution is expanding via our partnership with @MFS_Africa!
— Ripple (@Ripple) November 15, 2022
Africa holds 70% of the world’s $1T mobile money value, and ODL will further enhance digital payment rails across the continent.https://t.co/Ywd4dzBnZA
According to Ripple, ODL is a step in the right direction toward creating a more financially inclusive future for economies all over the world. “While the pillar of financial inclusion still remains, ODL has proved a valuable asset to a number of different use cases, including small-medium enterprise payments, internal treasury flows, paying out marketplace vendors and more.”
Ripple has also bolstered their ODL solution with advanced Machine Learning capabilities to further refine our customer experience, which is expected to make the payment process more efficient for customers while managing liquidity at the highest level to support a wide range of transaction types.
As Ripple’s products reach significant growth and scale in 2022, we continue to invent and deliver solutions to sustainably grow and offer best-in-class experience on behalf of our customers. Ripple’s machine learning and automation efforts are focused on liquidity – the backbone of crypto and all of our enterprise-grade products
said Devraj Varadhan, SVP of Engineering at Ripple.
Earlier this year, Ripple launched several other new ODL corridors. In August, Travelex Bank in Brazil became the first bank in Latin America to utilise ODL.
A new payment liquidity corridor was launched in the UAE as Ripple‘s partner Trango expanded there. Besides, France and Sweden hosted a new ODL platform in collaboration with the Paris-based payments company Lemonway and Xbaht.
