The Rapid Growth of Remittances in Asia-Pacific With RippleNet’ ODL

  • To ease-out cross border payments, the institutions can leverage RippleNet’s ODL (On-demand Liquidity) as a suitable auxiliary measure to traditional pre-funding.
  • With the remittance transactions occurring at 2 billion in volume, it is in need that a global level technology such as Blockchain is available in local networks providing remittance services.

The region surrounding Asia and Pacific has seen an increased number of remittances amidst the global adaptation of digital transfer of currencies. At the same time, the advantageous challenge in moving the money between currencies the average service cost of payments has also increased.

With the remittance transactions occurring at 2 billion in volume, it is in need that a global level technology such as Blockchain is available in local networks providing remittance services. There are businesses set up that are providing remittances services including from mobile payments or cash delivery to a remote place, since the senders have the option to choose their remittance provider, the value or cost of service of remittance resided with the receiver demands.

To stay in business, the service should be done in high speed at a lower cost and providing higher reliability, in local companies, it is the coverage and payout options that determine the fate of these businesses.

RippleNet’s ODL is the Solution

Many organisations are collaborating to avoid exhaustive working capital, and human resources, not only those banking institutions partnering up leads to complex systems which take up time and energy and might not provide an optimal experience for customers.

To further maintain these, individual API’s should be created and managed in pre-funded accounts in other currencies which ends up with high remittance fees. To ease-out cross border payments, the institutions can leverage RippleNet’s ODL (On-demand Liquidity) as a suitable auxiliary measure to traditional pre-funding.

ODL uses XRP as the universal currency to fill the gap between sending and receiving currencies. In a few seconds, users who use ODL can free up capital, which guarantees the most competitive exchange rates to their customers and processing global payments at unmatched speeds.  Those who have leverage RippleNet’s ODL can be ahead in the competition and provide seamless service to its users.

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