Ripple’s ODL Solution which leverages XRP for cross-border treasury flows, would be now utilized for scaling up the internal treasury management in Philippines’ largest non-bank remittance firm, I-Remit.
This isn’t the first time for the domestic fintech as it has been an early adopter of ODL and was using the blockchain-enabled enterprise solution to clear cross-border payments in real-time and cost-effectively into the Philippines.
In order to provide rapid and inexpensive settlement without the need to hold pre-funded money in a destination market, On-Demand Liquidity, or ODL, leverages XRP, the digital currency created for payments as a bridge between two fiat currencies, as stated in the press release.
But in this case, it would be used to accelerate I-Remit’s internal payout capabilities, instead of relying on outdated infrastructure.
By leveraging ODL for treasury payments, I-Remit is now able to get 24/7, all-year-round access to liquidity for their funding requirements, thereby enabling same-day settlement globally. Having eliminated the need to pre-fund destination accounts over several days, I-Remit can now channel these funds to scale the business operations of its overseas subsidiaries and support its partners.
The latest expansion has put I-Remit in the league of companies such as FOMO Pay, Novatti, FlashFX, Tranglo, SBI Remit, Pyypl.
First High-profile Game On XRP Ledger Announced
Just yesterday, one of XRP ledger’s top projects, the onXRP modular ecosystem, inked a deal with Ripple, Armiin van Buuren’s music label, Armada, and Styngr simultaneously with the launch of its highly anticipated free-to-play battle royale game Maladroids.
The in-game radio will be combined with a playlist prepared by top electronic dance music artists including Tom Staar and Kryder, both of whom are on the Armada label, thanks to the collaboration of onXRP’s new partners.
According to Styngr, who revealed the partnership’s specifics, the musicians would create two new songs each month just for Maladroids. Additionally, as part of the collaboration, NFT audio will be made available.
It is the first play-to-win multiplayer game project built on the XRP blockchain.
Meanwhile, the token’s price rallied by over 13% in just a few hours, making it the biggest gainer among the top 10 crypto assets in the backdrop of Ripple‘s legal win prospects.