Money transfer network Ripple says that its crypto-based settlement solution, On-Demand Liquidity (ODL), is seeing rapid growth in 2022.
Ripple’s ODL solution uses the XRP to enable faster and cheaper cross-border payments without the need for pre-funded destination accounts
In a new statement, the San Francisco-based firm says that the ODL technology is now supported in a growing number of payout markets, including Africa, Israel, Australia, Brazil, Argentina, Belgium, Singapore, the UAE and the UK.
Ripple says that some of its earliest customers that were onboarded for the RippleNet cross-border payment system have also upgraded to ODL for their remittances.
“Our enterprise-grade crypto solutions have excelled in reducing the pain points most common in cross-border payments, and our focus on customer experience has propelled novel customers into the world of crypto-enabled payments solutions.”
The firm says it also added advanced machine learning capabilities to ODL in a bid to improve customer experience.
Says Ripple SVP of Engineering Devraj Varadhan,
“Ripple’s machine learning and automation efforts are focused on liquidity – the backbone of crypto and all of our enterprise-grade products.”
Ripple announces the record growth of its crypto-enabled payment solution as it continues to weather its legal battle with the SEC, which alleges that Ripple sold XRP as an unregistered security.
According to Ripple general counsel Stuart Alderoty, the firm is mostly operating outside of the US because of the lawsuit, despite having much of its employees within the country.
“Essentially, [Ripple] customers and [the firm’s] revenue are all driven outside of the US, even though we still have a lot of employees inside of the US.”
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