By Solomon Odunayo
Ripple’s partner and global payment specialist, Mercury FX that allows its customers to send and receive foreign currencies, has confirmed its use of XRP-based On-Demand Liquidity (ODL) solution for payments.
This was made known by the firm while responding to the inquiry of a supposed XRP community member a couple of hours ago.
The XRP community member identified on Twitter as Winston Buki wrote, “Hey Mercury_fx_ltd, are you guys still using on demand liquidity through XRP? Thanks for your answer.”
Responding to the inquiry, Mercury FX confirmed the use of XRP-based ODL, adding that some exciting news is upcoming for the XRP community.
“We sure are and some exciting news to come….”
We sure are and some exciting news to come….
— Mercury FX (@mercury_fx_ltd) May 28, 2020
Why Mercury FX Turned to Ripple’s On-Demand Liquidity (ODL)
Mercury FX turned to Ripple’s On-Demand Liquidity (ODL) so as to enhance the efficiency of its too slow and costly transactions.
Ripple’s ODL has so far helped the payment firm to experience a drastic reduction in transaction costs, from relatively $50 to $2. Additionally, the time of settlement also experienced an expected reduction.
Ripple to Launch RippleNet Cloud Solution
Going by the report made available by Ripple on its official website, the cross-border payment firm is launching the RippleNet Cloud solution to improve the way its customers send payments on its network.
This RippleNet Cloud solution is meant to help clients move funds, including XRP, faster. Per the report, using the new product, “banks and financial institutions can maximize their business benefits with minimal effort and more flexibility.”
The new cloud solution will enable Ripple’s customers to conduct payments with one integration and a common Ripple Payment Object (PRO).
Moreover, the Cloud payment solution will allow customers to go live on the RippleNet faster than on-prem clients to avoid certain demands.
“Using Cloud, customers can go live on RippleNet five weeks faster than on-prem customers and avoid hardware requisition or staffing to get started,” Ripple stated.
Conclusively, RippleNet Cloud also makes users work with other settlement options via the use of Ripple’s On-Demand Liquidity (ODL).