Over the past decade, Ripple has been on a mission to build breakthrough crypto solutions for a world without economic borders. With offices spanning four continents, we have and continue to prioritize building solutions that address frictions around regional payment rails the world over. Our financial expertise has grown since our founding in 2012, allowing us to better serve our customers with our suite of world-class crypto solutions for business.
One crypto solution in particular, On-Demand Liquidity (ODL), has seen rapid growth this year. We recently announced various new ODL customers and are proud to say ODL payout markets include Africa, Argentina, Belgium, Israel, Australia, Brazil, Singapore, the UAE, the UK—the list goes on.
Introduced in 2018, ODL was initially built to ease the frictions associated with low value, high volume cross-border payments such as remittances, including high transaction fees, slow settlement times, and minimal transparency. This crypto solution has been a step in the right direction to create a more financially inclusive future for economies around the world. While the pillar of financial inclusion still remains, ODL has proved a valuable asset to a number of different use cases including small-medium enterprise payments, internal treasury flows, paying out marketplace vendors and more.
“Ripple’s ODL solution answers the industry’s age-old problems of pre-funding and speed of fund settlement. Since partnering with Ripple and utilizing ODL, we’ve been able to better manage our capital requirements and funding flows, thereby allowing us to offer a near real-time payout for our customers without having to worry about the time it takes for funds to hit our bank accounts. Being able to efficiently access upfront capital to provide an enhanced service for our customers is the holy grail for our business,” said Dianne Nguyen, CEO at Hai Ha Money Transfer.
A number of our earliest customers that originally signed on to utilize RippleNet, which streamlines fiat to fiat payments via a single API, have now upgraded to use ODL for their cross-border payments. Our enterprise-grade crypto solutions have excelled in reducing the pain points most common in cross-border payments, and our focus on customer experience has propelled novel customers into the world of crypto-enabled payments solutions.
In addition to record growth, we’ve added advanced Machine Learning capabilities to our ODL solution to further refine our customer experience. This technology makes the payment process more efficient for our customers, while managing liquidity at the utmost level to support a range of transaction types. From online marketplaces (Lemonway) and money transfer services for remittances (Xbaht); to pan-African gateways that connect millions of mobile wallets (MFS Africa), we understand that liquidity is essential to both our internal business operations and our customers’ business operations worldwide.
“As Ripple’s products reach significant growth and scale in 2022, we continue to invent and deliver solutions to sustainably grow and offer best-in-class experience on behalf of our customers. Ripple’s machine learning and automation efforts are focused on liquidity – the backbone of crypto and all of our enterprise-grade products,” said Devraj Varadhan, SVP of Engineering at Ripple. “We’re excited to launch several of those capabilities this year to scale ODL efficiently to serve more customers globally and to provide the best experience possible for our customers.”
As the industry continues to evolve, and more and more use cases are explored for crypto payments solutions, we’re confident that Ripple’s global payments network will simultaneously continue to expand in the years to come. Opportunities abound for ODL and other crypto for business solutions to meet the financial needs of both current and successive customers. Together we will continue to drive business advantage and derive real value from crypto.
Learn more about our crypto-enabled payments solution.