- I-Remit is expanding its use of ODL to improve its internal treasury management.
- I-Remit is the leading non-bank supplier of remittance services in the Philippines.
- ODL uses XRP to provide quick and inexpensive settlement.
One of the leading blockchain enterprise and crypto payment solutions, Ripple, revealed that the leading non-bank supplier of remittance services in the Philippines, I-Remit, will increase its usage of Ripple’s On-Demand Liquidity (ODL) technology to enhance its cross-border treasury flows.
🇵🇭Mabuhay! We’re excited to announce the expansion of our partnership with I-Remit in the Philippines.
As one of the earliest adopters of #ODL, I-Remit is expanding their use of ODL to improve their internal treasury management.
Learn more: https://t.co/r6G5N8Q3YG
— Ripple (@Ripple) September 21, 2022
I-Remit, a Ripple (XRP) partner since 2018, was a pioneer of ODL and had been utilizing the blockchain-enabled enterprise solution to swiftly and affordably clear cross-border payments into the Philippines.
ODL uses XRP, the utility token of the Ripple blockchain, to provide instantaneous and inexpensive settlement without the need to keep pre-funded capital in a destination market.
The new move by I-Remit will help improve its internal treasury management, reducing the obstacles and friction associated with cross-border payments due to the inherent infrastructure of the traditional banking system. According to Ripple, I-Remit will gain 24/7, all-year-round access to liquidity for its financing requirements.
Harris D. Jacildo, Chairman and President of I-Remit, said,
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 utilize ODL for treasury management further and provide the best possible service for our customers.
Furthermore, the senior vice president and managing director of Ripple, Brooks Entwistle, shared his views by stating,
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.