Ripple, the leader in enterprise blockchain and crypto solutions, has extended its partnership with I-Remit, the largest non-bank remittance service provider in the Philippines. The protocol announced development in its Wednesday Twitter post. This partnership, as reported, will help to expand I-Remit usage Ripple’s On-Demand Liquidity solution to improve its cross-border treasury flows.
Notably, I-Remit first emerged as the partner of Ripple since 2018. The non-bank remittance service provider runs as an early adopter of ODL. Reportedly, it uses the blockchain-oriented enterprise solution to clear cross-border payments in real-time in a cost-effective way. Also, the ODL usually harness the XRP, the digital asset devised for payments, serving as a link between two fiat currencies. This, as reported, helps to enable “instant and low costs settlement without the need to hold pre-funded capital in a destination market.”
According to Ripple, I-Remit aims to “expand its use of ODL to improve their internal treasury management.” This, as reported, manifested after it enjoyed the benefits of ODL in enabling instant cross-border payments. Also, the usage of ODL becomes inevitable owing to the archaic infrastructure that correspondent banking relies on. This, according to Ripple prone traditional treasury payments to th barriers and friction associated with cross-border payments.
The crypto solutions provider hinted that I-Remit now get round the clock access to liquidity for their funding requirements. This feat, as believed, manifested owing to its usage of ODL. Now, I-Remit can now channel these funds to scale the business operations of their overseas subsidiaries and support its partners.
Ripple ODL solution accelerates I-Remit payout capacities – I-Remit chairman
Harris D. Jacildo, Chairman and President of I-Remit reacted to the development. According to him, I-Remit remains one of the earliest adopters of Ripple’s ODL solution. He further that the remittance service provider has been able to “scale and accelerate its extensive payout capabilities in the Philippines” through the mechanism. He also expresses the excitement of his team to extend the partnership with Ripple. This, according to him, helps to allow I-Remit further utilize ODL for treasury management. Thereby, availing the best possible service for its customers.
Brooks Entwistle, Senior Vice President and Managing Director at Ripple also reacted to the partnership. According to him, “Ripple’s strong business traction and continuous growth in ODL volume would not have been possible without partners like I-Remit.” Additionally, he said the non-bank remittance provider remains renowned in exploring blockchain and crypto technology to solve real-world problems. Entwistle expressed the delight of his team over the partnership extension with I-Remit. This, according to him, will help I-Remit “bridge liquidity gaps so they can grow and scale other aspects of their business.”