New Ripple Partnership Will Expand The Use Of XRP For Treasury Payments

September 25, 2022 11:48 am Comments

Ripple has announced that they will now be expanding the use of its popular On Demand Liquidity solution which has experienced skyrocketing demand over the past few years.

Specifically, the company has revealed that it will enable its partner I-Remit to now use ODL to remove friction from the current process of how treasury payments are done.

I-Remit is not new to Ripple’s ODL solution as the company has been in a partnership with Ripple for over 3 years already where it used Ripple’s technology to facilitate low cost cross-border payments.

Now that ODL will now be used to improve treasury management, this essentially means that I-Remit will be able to access funding requirements all the time with a global settlement.

Bitcoinist shares the details:

According to the release, this will translate into I-Remit being able to access its funding requirements 24/7 with a global settlement. Thus, removing the need to pre-fund any accounts and providing the company with the capacity to scale its business operations across the world.

I-Remit joins FOMO Pay, Novatti, FlashFX, Tranglo, SBI Remit, Pyypl, and others, according to the payment company. Senior Vice President and Managing Director at Ripple, Brooks Entwistle said:

Ripple’s strong business traction and continuous growth in ODL volume would not have been possible without partners like I-Remit looking to take advantage of blockchain and crypto technology to solve real-world problems.

We’re excited at the expansion of our partnership with I-Remit to help bridge liquidity gaps so they can grow and scale other aspects of their business.

At the same time of this new announcement from Ripple, the lawsuit with the SEC had also made a positive turn as news of a potential settlement now seems more likely.

Given that both parties have filed motions for a summary judgement, it seems quite possible that the case will reach a conclusion at its 2 year mark or even a little before.

So far, the lawsuit has had no effect on the company being able to grow and increase the liquidity that is supported by its products.

Bitcoinist concludes:

On their latest partnership expansion, Harris Jacildo, Chairman and President of I-Remit added:
As one of the earliest adopters of Ripple’s ODL solution, we’ve been able to scale and accelerate our extensive payout capabilities in the Philippines.

We’re excited for this next chapter of our well established partnership with Ripple to further utilize ODL for treasury management and provide the best possible service for our customers.

As Bitcoinist reported, the legal battle might be turning favorable for the payment company as the parties could reach an agreement. The crypto market seems to be betting on a positive outcome.

At the time of writing, XRP’s price trades at $0.44 with a 2% and 24% profit over the last 24 hours and 7 days, respectively. ODL’s native token is moving on its own as the rest of the crypto market trades under extreme fear territory and with heavy losses on similar time periods.

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