Ripple Plans to Expand the Reach of Its On-Demand Liquidity Services To New Corridors
Ripple has been in hot water recently, with several lawsuits being filed against the company, and even after the company’s several appeals to dismiss these cases, the courts have decided otherwise.
Despite all the legal troubles and under-performance of the XRP token, Ripple has managed to remain at the top of the remittance game.
Numerous banks and financial institutions have adopted RippleNet, a cross-border remittance blockchain solution across the globe. The On-Demand Liquidity service, which is critical for offering instantaneous transfers around the world, is a crucial element of the RippleNet service. The ODL eliminates one of the key concerns in traditional money transfer, ie, availability of funds.
The ODL service makes use of XRP token to facilitate instant fund transfer across the globe through the Ripplenet blockchain service, where XRP offers liquidity. The firm, in its official blog, announced that it would continue to expand the reach of ODL services to new corridors in 2020 and onboard new customers to its platform.
The firm is also planning to elevate ODL volume in existing customer corridors, especially for USD-MXN, USD-PHP, AUD-USD, and PHP, and from EUR-USD pairs. The firm also revealed that they would reduce their focus on large treasury payments to support retail, low-value transactions, and individual payments to bring the benefit of ODL to small but bigger distributed players.
Ripple is aware that focusing more on SME payments and supporting retail and low-value transactions would reduce the overall ODL volumes, but the firm believes with more acceptance at the retail level, the volumes would quickly grow larger than earlier. The firm in its official blog said:
“Businesses everywhere are adapting to the new “norm.” Yet, uncertainty remains a constant, and Ripple is here for our customers and their customers. People shouldn’t have to worry when sending money abroad. Together, we can ensure that people everywhere have continued access to these services—instantly, reliably, and affordably. “