Ripple’s global head of banking says the company will soon launch XRP-powered cross-border payments in Brazil.
Marjan Delatinne joined a Future of Finance panel on Wednesday to discuss Ripple’s suite of digital payment products, including On-Demand Liquidity (ODL), which utilizes XRP.
Delatinne says ODL is actively expanding.
“We extend these services now to more and more corridors, typically exotic corridors with lots of challenges, like [the] Philippines [and] very soon within Brazil.”
The Ripple official says the company thinks the Covid-19 pandemic “is pushing the agenda” of digitization.
Earlier this week, Asheesh Birla, Ripple’s senior vice president of product management and corporate development, also touched on Ripple’s 2020 expansion plans.
“Ripple is on track to open new ODL corridors this year and we’re onboarding new customers and working with existing customers to ramp up ODL volume in important corridors including USD-MXN, USD-PHP, AUD-USD and PHP, and from EUR-USD.”
ODL has already made some splashes in certain avenues of the institutional remittance industry, particularly along the US-Mexico corridor.
Besides Brazil, it remains unclear exactly which countries or corridors Ripple plans to target in the short term. But the payments firm noted in February that it is working on adding new corridors in Europe, the Middle East, Africa, Asia-Pacific and Latin America.
Ripple has warned, however, that ODL volume could look different in a world struggling with the pandemic.