Ripple said it has signed its first collaborations in Europe, in Sweden and France, giving users in both nations access to ODL. The American blockchain firm Ripple announces the agreement with Lemonway.
As a reminder, ODL stands for On-Demand Liquidity. It is a service of Ripple that allows instant settlement of payments and eliminates the need for pre-funded destination accounts, thus offering premium payments in markets around the world.
As a result of this new partnership, Lemonway is able to improve operational efficiency by eliminating the need to pre-fund offshore accounts.
According to Damien Guermonprez, Lemonway’s boss, blockchain will have a “massive impact” on the payments industry in the coming years.
“At Lemonway, we use Ripple for instant SEPA transfers. By leveraging blockchain technology, we are accelerating our business performance and evolving […] Don’t think that banks and central banks are not preparing for this revolution. They can’t afford to miss the innovation train,” he said on Linkedin.
In other words, the ODL system, which relies on the XRP currency for fast and cheap blockchain-based transactions, will now be implemented by the payment platform and linked to the Ripplenet network.
Ripple and Xbaht to partner in Sweden
This Tuesday, Ripple also announced a second new ODL customer in Sweden. Swedish money transfer company Xbaht offers a remittance service between Sweden and Thailand. ODL allows them to speed up transfers and reduce costs.
Ripple’s partner in Sweden, Xbaht, enables money transactions between Sweden and Thailand. With the help of Tranglo, a Singapore-based cross-border payments center, Xbant will be able to provide fast and affordable money transfers using ODL. Sendi Young, Ripple’s European director commented :
We are delighted to be working with Lemonway and Xbaht, our first ODL customers in France and Sweden respectively. Since our founding ten years ago, Ripple has focused on using blockchain and crypto to create real-world use cases. That’s why we’ve become the partner of choice for companies like Lemonway and Xbaht that are looking to tap into global crypto liquidity to eliminate the traditional problems associated with cross-border payments,”.
