XRP Liquidity Index Shoots Up In Philippines While ODL Helps SendFriend Customers Save up to 75%
- XRP/MXN makes yet another new high while XRP/PHP joins the ATH league
- Ripple’s XRP payment solution, On-Demand Liquidity (ODL) help save customers up to 80% in remittance fees – SendFriend CEO David Lighton
XRP Liquidity Index has been hitting a new all-time high, all thanks to the XRP/MXN pair but now a new corridor has entered the scene. The liquidity index for XRP/PHP has doubled to reach a peak on Coin.ph.
Founded in 2014, Coins.ph is a financial services platform that raised $5 million in series A funding round. Back in January, Jakarta-based tech startup Go-Jek acquired Coin.ph for $72 million.
"Watch what they do – not what they say."
🔵 Liquidity Index for Bitso XRP/MXN (Mexico) continues to make new all time high
🔵 Liquidity Index for Coinph XRP/PHP (Philippines) continues to make new all time high
— 🌹Roses On The Moon🌹 (@RosesOnThaMoon) December 12, 2019
Helping save customers 80% in remittance fees
Recently, SendFriend, a licensed international payments company that allows for easier, faster, and less expensive overseas transfers to the Philippines.
With over $45 billion spent in fees on remittance services by migrants all over the world, the need for an accessible, reliable, affordable, and fast services becomes pressing. SendFriend is making its possible via XRP.
With Ripple’s XRP payment solution, On-Demand Liquidity (ODL), the company has been able to help save its customers up to 80% in remittance fees, said SendFriend CEO David Lighton. He said,
“What’s fabulous about blockchain and what Ripple’s product brings to the table is that you remove the need for that working capital. We can now source liquidity, on-demand and depress those transaction costs by up to 75%.”
The most forward-thinking market
To increase the speed and reduce the cost of pre-fund-accounts in destinations currencies for international payments, the company leverages ODL. The product enables RippleNet customers to use the digital asset XRP to ensure payments are sent instantly and received in local currency.
“Our goal is to pass on these savings to our customers. What that means is companies like Western Union can charge up to 10% to service a payment—we can get it done for 2%.”
There are four biggest remittance markets in the world, India, China, the Philippines, and Mexico. The Philippines, however, is the “most forward-thinking” said Lighton adding,
“the regulators have done a great job by not having aggressive capital controls… including around digital assets specifically.”
Apart from cross border payments, the company is also focused on foreign exchange, a rapidly growing market as e-commerce firms like Amazon becomes more global rising the need for cross-currency payments.