Ripple: RippleNet celebrates more than 300 customers
Ripple: RippleNet celebrates more than 300 customers
The cross-border blockchain payment network RippleNet now has over 300 customers, Ripple said on its blog. The platform is operated by banks, financial institutions and payment service providers who want to make their transfers more efficient with Ripple.
Until recently, Ripple had two main products called xCurrent and xRapid on RippleNet. The former is a payments messaging system that competes with SWIFT. The latter uses RippleNet’s digital currency XRP for cash transfers.
Both, however, were merged into the RippleNet brand. From xRapid emerged as new brand On-Demand Liquidity (ODL). Through RippleNet, ODL enables international money transfer based on XRP as a bridge currency within seconds.
Ripple itself advertises that companies through ODL have no pre-financing costs for foreign business more. Usually, companies have to prepay products and services they want to buy abroad. To do this, companies must keep accounts in the target currencies of the purchasing countries and have adequate capital reserves. With ODL, companies could now minimize their capital expenditures, saving 40 to 60 percent in costs, Ripple estimates. In a few seconds, XRP is exchanged directly between the trading parties and no longer via conventional bank accounts. A pre-financing is therefore no longer necessary.
RippleNet is a partner of many banks
Ripple said that ODL currently has 24 members. These included industry greats like MoneyGram but also lesser known names like goLance, Viamericas, FlashFX and Interbank Peru. The ODL solution is now active in Mexico, the Philippines and Australia and will soon be introduced in Brazil.
Ripples on-demand liquidity allows us to send real-time payments and lower the cost of payments, as we are able to manage our liquidity more efficiently,
RippleNet, Ripple: RippleNet celebrates more than 300 customers
also advertises Paul Dwyer, CEO of Viamericas, for Ripple.
Earlier this year, US money transfer company MoneyGram partnered with Ripple to use xRapid, now ODL. Alex Holmes, Chairman and CEO of MoneyGram, said at the time that xRapid “could dramatically streamline [MoneyGram] global liquidity management.”
The start-up ripple has, according to Wall Street Journal and Fortune mid-2019 acquired shares in MoneyGram and announced to invest up to a total of 50 million US dollars in the money transfer giants. The goal of its partnerships with banks and payment service providers: to further promote the dissemination of XRP as a means of payment and RippleNet as a payment network.
Critics had recently accused Ripple of manipulating the course of his cryptocurrency XRP on the stock exchanges.
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