Financial institutions need RippleNet’s On-Demand Liquidity service to provide instant global payments
Globally, digitization has increased rapidly, up to 80% in Italy. Global digital payment growth is also accelerating, with e-transactions rising by more than 40% and skyrocketing digital transfers to several payment providers, including Western Union and MoneyGram International. Now more than ever, financial institutions need RippleNet’s On-Demand Liquidity (ODL) service to provide instant global payments and meet market demand.
While ODL-related transaction volume may look a little different this month, our focus on supporting low-value, high-frequency payments is stronger than ever.
— Ripple (@Ripple) June 8, 2020
The cause of the digitalization of global payments increased rapidly
Conventional infrastructure is complex, resulting in significant delays and high transaction fees. To accelerate this process, financial institutions are required to need RippleNet’s On-Demand Liquidity (ODL) service to provide instant global payment and meet market demand.
Naturally, sending cash payments requires more working capital and resources than digital payments. In particular, XRP is one of the cryptocurrencies that can be deposited directly, instantly, and cost-effectively without intermediaries. Moreover, XRP also eliminates the additional costs associated with sending cash payments and can be used instead of donations. Different from Bitcoin or Ethereum, because their prices are too volatile, and the network is often congested, resulting in high transaction fees, delayed transaction confirmation time. Therefore, XRP is the most sensible option.
The benefits of ODL in the removal of funding are particularly important during times of crisis due to increased exposure and volatility risks. In the first months of the global crisis, for example, currency volatility soared, with the MXN peso depreciating more than 20% against the USD.
Ripple succeeds with RippleNet’s On-Demand Liquidity
Ripple can reduce complexity by extending immediate cross-border payments to consumers. In particular, by reducing the focus on large budget payments, we can address the growing demand for money transfers and payments of small and medium enterprises.
Ripple is on track to expand new ODL corridors this year to increase ODL volume in key corridors, including USD-MXN, USD-PHP, AUD-USD, and PHP and from EUR- US DOLLAR.
There are many analyzes that Rippel’s achievements also partly boost the price of XRP. Because up until now, the concern that XRP is security has not been clarified. Well, then let the time prove it!
- CTO Ripple: Complaint About XRP Not Being Listed On Gemini Is Dumb; XRP Price Will No Longer Depend On Bitcoin
- Ripple’s Managing Director: Around 350 Financial Institutions Are Now Using Ripple, Will It Push XRP Price?