I-Remit, the largest non-bank remittance service provider in the Philippines, said it will expand its use of Ripple’s on demand liquidity solution to improve cross-border treasury flows.
As a partner of Ripple since 2018, I-Remit is an early adopter of ODL and has been using the blockchain-enabled enterprise solution to clear cross-border payments in real-time and cost-effectively into the Philippines.
“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,” said I-Remit chairman and president Harris Jacildo,
ODL leverages XRP, the digital asset built for payments as a bridge between two fiat currencies, thus enabling instant and low costs settlement without the need to hold pre-funded capital in a destination market.
I-Remit chose to expand the use of ODL to improve its internal treasury management. Due to the archaic infrastructure that correspondent banking relies on, traditional treasury payments are subject to the same barriers and friction associated with cross-border payments.
By leveraging ODL for treasury payments, I-Remit is now able to get 24/7, all-year-round access to liquidity for their funding requirements, thereby enabling same day settlement globally.
Having eliminated the need to pre-fund destination accounts over several days, I-Remit can channel these funds to scale the business operations of their overseas subsidiaries and support partners.
Ripple, a leader in enterprise blockchain and crypto solutions, was the first enterprise company to leverage crypto to tackle the trillion dollar challenges with cross-border payments.
“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,” said Ripple senior vice president and managing director Brooks Entwistle.
RippleNet leverages blockchain technology to help partners across a global network accelerate their business performance and scale.
It delivers a superior end-customer experience, simplified network partnering, liquidity management solutions, lines of credit and state-of-the-art infrastructure to enable real-time payments.
I-Remit joins companies including FOMO Pay, Novatti, FlashFX, Tranglo, SBI Remit, Pyypl and more who benefited from ODL for their business and customers.