How Ripple’s On Demand Liquidity (ODL) Is Changing Banking and Global Payments
New statements were made by a panel of senior banking officials on the subject of On-Demand Liquidity (ODL) at the Swell 2019 event held in Singapore. The panel was hosted by Ginger Baker, Senior Director of Product at Ripple along with panelists from goLance, Bitso, FlashFX, and Interbank Peru.
The subject of blockchain and cryptocurrencies was the focus of the panel, with Nicholas Steiger from FlashFX commenting that people want fast and low-cost transactions while not showing an interest in how those experiences are delivered.
“It’s been a long road for digital assets, but the end customer doesn’t necessarily need, or want, to know how their transactions are being handled in the back end. They want the transparency, low-cost and above all else, speed of transactions,”
Speaking on the subject of ODL, Michael Brooks from goLance was eager to share his view on how ODL is shaping the industry, while also stating that the Ripple payment platform has enabled the cost savings that have led to a competitive advantage.
“Our customers are looking for the lowest cost and fastest service. ODL allows us to offer that. Payment efficiency is at the heart of our company. Since the beginning, Ripple has allowed us to drop our cost on the front end, giving us a strong competitive edge over our counterparts. Cost and speed made the decision for us to partner with Ripple,”
Bárbara González Briseño, Bitso’s Head of Finance also shared the view that ODL can help the unbanked achieve a new sense of financial independence while also commenting on the effect of the changing world financial system.
“We want to see the network effects come into place in Mexico and beyond—connecting a country that’s been excluded for many years because of traditional systems. As more players come into the space, it creates more corridors and offers more opportunities for those who have been excluded and ignored”