Today, Ripple, the leader in enterprise blockchain and crypto solutions, announced On-Demand Liquidity (ODL) customer momentum globally in new regions Africa, Argentina, Belgium, and Israel, as well as current fiat-based RippleNet customers upgrading to ODL in Australia, Brazil, Singapore, the UAE, the UK and the US. New and upgraded customers include Andean Wide, BC Remit, Cascade, Choice International, CrossPay, GCC Remit, GMT, Hai Ha, iSend, Lulumoney by Lulu Financial Holdings, Lyons Express, MoneyTrans, PMI Americas, Remitee, Right Choice Payments, Sir Money Changer, Tier Money, WTM International, and more. The company continues to improve liquidity management solutions by adding advanced Machine Learning capabilities to the product, which uses XRP for instant settlement of payments, allowing it to fulfill customers' on-demand liquidity needs at the optimal cost.
This traction comes on the back of new ODL customers Lemonway, a Paris-based provider for online marketplaces; Xbaht, a Swedish money transfer service used heavily by Thai remitters sending money home; and MFS Africa, a pan-African gateway connecting 400M mobile wallets in 35 markets on the continent. ODL was first released as a RippleNet service in 2018 targeting low value, high volume cross-border payments – primarily remittances – and has since expanded to a variety of payments use cases. Today, ODL customers are using the crypto-enabled service to do everything from enhancing their treasury payments processes 24/7/365 days a year to paying out marketplace vendors globally.
“2022 has been an unprecedented year for crypto’s usage in enterprise use cases – despite market turmoil, the end goal for Ripple has always been to help enterprises - whether large financial institutions or local payment service providers – move money around the world the way that information does today. With ODL’s expansion into nearly 40 payout markets around the world, representing ~90% of the FX market, the proof is in the pudding – business can rely on crypto to deliver the speed, efficiency, security and scalability required to complement our formerly purely fiat financial infrastructure at low cost,” said Brooks Entwistle, SVP of Global Customer Success at Ripple.
Ripple debuted Machine Learning capabilities within RippleNet for the first time to improve the customer experience of Ripple’s products. In 2022, Ripple added technical capabilities to streamline the payment experience and intelligently manage liquidity using machine learning to support a variety of transaction types, as well as manage funds in a customer’s wallet to ensure optimal liquidity is available on behalf of customers.
“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. “We’re excited to launch several of those capabilities this year to scale ODL efficiently to serve more customers globally and to provide the best experience possible for our customers.”
RippleNet leverages blockchain and crypto technology to enable customers around the world to accelerate their business performance and scale. It delivers a superior end-to-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, and this year alone will see tens of billions of dollars flow through the network.
"Ripple's ODL solution answers the industry's age-old problems of pre-funding and speed of fund settlement. Since partnering with Ripple and utilizing ODL, we've been able to better manage our capital requirements and funding flows, thereby allowing us to offer a near real-time payout for our customers without having to worry about the time it takes for funds to hit our bank accounts. Being able to efficiently access upfront capital to provide an enhanced service for our customers is the holy grail for our business," said Dianne Nguyen, CEO at Hai Ha Money Transfer.
“We believe that international payments should be quick and seamless so we’re excited to partner with Ripple to streamline the process for our customers sending remittances from Israel to China, India and several other countries soon to be announced. What’s more, by eliminating the need to pre-fund bank accounts in the countries our customers are sending money to, we will be able to free up funds to invest into our business and enhance our customer offering. With Ripple we are looking forward to making it easier and quicker than ever for consumers and businesses to make real-time payments across borders,“ said Noam Shalev, Chief Risk Officer at GMT.
“We’re excited to partner with Ripple to bring crypto-enabled cross-border payments to Latin America, which can greatly benefit from a more efficient and modernized financial system. Today, we’re delivering more efficient payments into Mexico and look forward to expanding to more countries across Latin America in the future,” said Sergio Saravia, CEO at Remitee.
To learn more about how RippleNet and ODL could be useful for your company, visit our website here: ripple.com