For further expansion in the payment industry, the joint effort of financial big gun SBI Holdings and Ripple, the cross-border payment firm, is getting ready to launch the XRP remittance platform known as On-Demand Liquidity (ODL) in Asia before the end of 2020.
The SBI Ripple Asia chief executive, Adam Traidman, shared this with the XRP community in an interview with Tony Edward of Thinking Crypto. In the course of the conversation, Traidman stated that the firm is in the process of testing the product that is slated to go live before the end of the year.
“ODL is a solution that changes the fundamental layers of the banking system and how money is moved and that technology is super exciting. It’s just rolling out now, for SBI Ripple Asia we have limited trial and pilot projects going on right now with various companies in our territories, and they’re going great.
I expect that probably later this year and into next year things are going to move into widespread production, and I expect remittance companies that were restricted in growth because of pre-funding requirements to have a lot more flexibility.”
Ripple’s XRP-based On-Demand Liquidity (ODL) is utilized by banks and financial institutions across the world, to send fiat currency from one country to another in a matter of seconds.
According to Traidman, there are SBI Ripple Asia’s customers that are beginning to utilize ODL payment solution. So, the cross-border payment firm is increasingly gaining traction in the region.
“ODL changes everything. ODL means that you can basically convert your yen in real time into XRP in Japan, send it over to Vietnam over the public XRP blockchain, then convert it in real time to [Vietnamese] dong so you’re not subject to these currency fluctuations, and then that dong can be made available to my family member in Vietnam,” Adam Traidman added.