Ripple says it’s launching its XRP-based cross-border payments product around the world in 2020. In its latest XRP Markets Report, the real-time gross settlement company says it will add more corridors in the following regions throughout the year for its On-Demand Liquidity (ODL).
- Middle East
- Latin America
To date, Ripple’s liquidity solution powers payment corridors between the US, Mexico and the Philippines and serves more than two dozen companies including goLance, Viamericas, MoneyGram, Interbank Peru and FlashFX.
The XRP liquidity solution launched in late 2018. Throughout 2019, ODL volume rose by 550% with the number of transactions surging nearly 300% in the last quarter.
Ripple says ODL has the potential to give banks and enterprises a new way to free up capital. Instead of maintaining pre-funded bank accounts in various countries to facilitate fast local payments, banks and financial institutions can leverage the speed of XRP, settling transactions in three seconds while providing customers with up to 60% savings.
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