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Ripple Plans New ODL Payment Corridors For Asia, Middle East & Africa

Stefan by Stefan
07/07/2020
in Ripple News
Reading Time: 2 mins read
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A new interview in the Ripple news shows Marcus Treacher, the Senior Vice President of Customer Success at the company, speaking about a new expansion. As it stands, Ripple plans new ODL payment corridors in Asia-Pacific, the Middle East, and Africa.

The company will use the on-demand liquidity (ODL) payment service – formerly known as xRapid – and will process cross-border payments quickly and cost-effectively. Under this framework, XRP will act as a bridge currency between two fiat currencies. This will eliminate the need for pre-financing through a nostro account, and eliminates the risks associated with currency price fluctuations.

Treacher explained that the expansion of ODL is to be further advanced by the end of 2020. In the interview, said:

“We have established On Demand Liquidity corridors into Mexico, the Philippines, Australia and Europe, and we’re hoping to further this expansion by opening corridors to APAC and EMEA this year.”

marcus treacher xrp ripple
Ripple’s Senior Vice President of Customer Success, Marcus Treacher. (Source: The XRP Daily)

The Senior Vice President of Customer Success at Ripple also stressed the need to support companies as well as individuals who are severely restricted by COVID-19 and have no means of sending money home to their families without the high fees and long transfer times.

ADVERTISEMENT

In response, Ripple plans new ODL payment corridors after it partnered with industry leaders to reduce/eliminate transaction fees during the pandemic. The company said:

“In response, we’ve partnered with global financial institutions such as Azimo, TransferGo and Siam Commercial Bank to reduce or waive transaction fees during the pandemic.”

Treacher also criticized the lack of initiative by major financial institutions when it comes to opening up to the innovations of the blockchain market. Even though not all projects are delivering promising results in the blockchain news, he said that it was about time for banks to move to the “next level of development” and start focusing on giving customers modern services such as fast and cheap transfers all over the world.

He summed up that the average transaction costs of $14 for a global transfer are very high for a $200 transfer, and that smart systems such as RippleNet bring a lot of benefits for customers at banks, stating:

“Innovation could be at the forefront of product development, combining the established reach and influence of traditional banks with the industry-leading tech and new talent at the disposal of fintechs.”

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: marcus ripple newsmarcus treacherripple customer successripple seniorripple xrp trachertreacher at ripple
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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