London/Paris/Malmö, 11 October 2022 – Today, Ripple, the leader in enterprise blockchain and crypto solutions, announced its first On-Demand Liquidity (ODL) customer in France as it joins forces with Lemonway, a Paris-based payment provider for online marketplaces. The new partnership sees Lemonway using RippleNet’s ODL, which leverages XRP for crypto-enabled payments, to enhance its treasury payments processes.
Ripple’s new partnership with Lemonway comes at a time when France has been showing itself to be forward-thinking when it comes to embracing the potential of crypto technology. In partnering with Ripple, Lemonway is able to drive operational efficiencies by eliminating the need for Lemonway to pre-fund accounts abroad, giving them the opportunity to use previously trapped pre-funded capital to grow and scale their business.
Ripple has also announced a second new ODL customer, its first in Sweden. Swedish money transfer provider Xbaht enables money movement between Sweden and Thailand. Xbaht’s new partnership with Ripple sees the company offering instant and cost-effective retail remittances via ODL, supported by Tranglo, the cross-border payment hub based in Singapore.
Together, Ripple and its new customers will make it easier than ever for consumers and businesses in France and Sweden to make real-time payments across borders powered by Ripple’s financial technology, RippleNet.
“We are delighted to be working with Lemonway and Xbaht, our first ODL customers in France and Sweden respectively. Since our inception ten years ago, Ripple has focused on using blockchain and crypto to build real use cases. This is why we have become the partner of choice for enterprises such as Lemonway and Xbaht looking to tap into global crypto liquidity to eliminate the traditional problems associated with cross-border payments such as lack of speed, unreliability and excessive cost,” said Sendi Young, Managing Director, Europe, Ripple.
Demand in Europe for Ripple’s products remains extremely strong. According to Ripple’s New Value research, 70% of respondents at financial institutions in Europe think blockchain will have a massive or significant impact on their business in the next five years, while 59% of respondents are interested in using blockchain for payments.
“By using Ripple’s ODL to underpin Lemonway’s treasury operations we are looking forward to bringing significant benefits to our business which we can in turn pass onto our clients. Ripple’s solution allows us greater flexibility around when we make payments to our partners, releasing us from the traditional banking cut-off cycle and driving operational efficiencies which will allow us to free up funds to invest into our business while enhancing our customer offering,” said Jeremy Ricordeau, Chief Operating Officer, Lemonway.
“Xbaht was founded to build a money transfer service for Thai people living in Sweden. Like Ripple, we believe that international payments should be quick and seamless. This is why we’re excited to establish our new partnership to streamline the process for our customers sending remittances between the two countries, making the process faster and more reliable, and lowering the cost,” said Michael Andersen, Chief Executive Officer, Xbaht.
Ripple is the market leader in blockchain and crypto enterprise solutions and continues to see unprecedented growth globally, as customers scale their businesses with ODL. RippleNet’s annualised payment volume run rate now exceeds $15 billion. As at Q2 2022, ODL grew over nine times year-on-year.
RippleNet leverages blockchain technology to help partners across a global network to accelerate their business performance and scale. 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. RippleNet provides settlement within seconds, a failure rate that is near-zero, the ability to send payments 24/7/365, and fees that are 90% less per transaction than the status quo. Since it has been live, RippleNet has processed millions of transactions worth billions of dollars.
Ripple’s ODL now enables payouts in 25 payout markets including Singapore, Malaysia, Poland, Indonesia, Thailand and more. Lemonway and Xbaht join companies including FINCI, FlashFX, FOMO Pay, iRemit, Novatti, Pyypl, SBI Remit and more who are realising the benefits of ODL for their business and customers.