A joint venture from financial titan SBI Holdings and Ripple is gearing up to launch the XRP remittance platform known as ODL in Asia this year.
In an interview with Thinking Crypto’s Tony Edward, SBI Ripple Asia chief executive Adam Traidman says the company is currently testing the product as it works to roll out the platform in a matter of months.
“ODL is a solution that changes the fundamental layers of the banking system and how money is moved and that technology is super exciting. It’s just rolling out now, for SBI Ripple Asia we have limited trial and pilot projects going on right now with various companies in our territories, and they’re going great.
I expect that probably later this year and into next year things are going to move into widespread production, and I expect remittance companies that were restricted in growth because of pre-funding requirements to have a lot more flexibility.”
ODL is designed to give banks and financial institutions a regulated method to send fiat currency across borders in an instant using XRP as a bridge currency.
Traidman says the cross-border payment platform is already gaining traction in the region as it shows its potential as a game-changer in the remittance space.
“There are customers of SBI Ripple Asia that are starting to leverage ODL technology for Ripple…
ODL changes everything. ODL means that you can basically convert your yen in real time into XRP in Japan, send it over to Vietnam over the public XRP blockchain, then convert it in real time to [Vietnamese] dong so you’re not subject to these currency fluctuations, and then that dong can be made available to my family member in Vietnam.”