I-Remit is a licensed cross-border payments service provider established in the Philippines. The company primarily engages in the business of servicing the remittance needs of overseas Filipinos and has been doing that for the past two decades.
To improve its internal treasury management, I-Remit, the largest non-bank remittance service provider in the Philippines, has stepped up its use of Ripple’s cross-border payment solution known as On-Demand Liquidity (ODL).
According to the release, the aim is to aid the financial entity to overcome the barriers and friction associated with traditional cross-border payments following the age-old infrastructure that correspondent banking relies on.
It is worth noting that I-Remit first got into a strategic partnership with Ripple, the top enterprise blockchain and crypto solutions company, in 2018 to enable instant and cost-effective cross-border payments clearing into the Southeast Asian country.
The expansion of Ripple’s ODL application by I-Remit comes as the company has experienced the impact and capacity of the financial technology developed by Ripple.
Another thing that is noteworthy is that Ripple’s On-Demand Liquidity (ODL) utilizes XRP as a bridge between two fiat currencies. ODL enables instant and low-cost settlement without the need to hold pre-funded capital in the destination market.
Through Ripple’s ODL wider adoption, it is said that I-Remit will be able to get uninterrupted 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 their overseas subsidiaries and support its partners,” the announcement added.
In commenting on the latest development, Harris D. Jacildo, the Chairman and President of I-Remit said; “As one of the earliest adopters of Ripple’s ODL solution, we’ve been able to scale and accelerate our extensive payout capabilities in the Philippines. We’re excited for this next chapter of our well-established partnership with Ripple to further utilize ODL for treasury management and provide the best possible service for our customers.”
Ripple then noted that the large volume of XRP tokens continuously being moved to and from major exchanges like FTX, Bitstamp, and Bitso is a resultant effect of ODL adoption by institutions like I-Remit, FOMO Pay, Travelex Bank in Brazil, Thunes in Morocco, Airwallex in New Zealand, and Tranglo among others.
“Ripple’s strong business traction and continuous growth in ODL volume would not have been possible without partners like I-Remit looking to take advantage of blockchain and crypto technology to solve real-world problems. We’re excited at the expansion of our partnership with I-Remit to help bridge liquidity gaps so they can grow and scale other aspects of their business,” Brooks Entwistle, Senior Vice President and Managing Director at Ripple stated.