Among the financial companies halting their adoption of Ripple’s ODL product because of the Ripple-SEC case is the Bank of America. Nonetheless, Ripple’s ODL products continue to grow significantly despite the enduring court battle involving XRP. 

Bank of America is a top American multinational investment bank and financial services provider headquartered in North Carolina. According to Linqto Director of Member Sales, Nick Burrafato, Ripple CEO Brad Garlinghouse said at the Ripple Swell 2022 summit that Bank of America is waiting for the XRP lawsuit to end before it starts leveraging Ripple’s ODL services. 

Related: Brad Garlinghouse States What Would Make Ripple Accept Settlement in XRP Lawsuit

Garlinghouse added that the banking firm stands to gain big if a settlement happens between the SEC and Ripple. He believes that adopting the On-Demand Liquidity products would give Bank of America a huge competitive advantage over its competitors.

Nick Burrafato narrated:

“[Brad Garlinghouse] made it clear that they’re ready to settle with the SEC as long as they can get clarity on XRP. I asked him if American companies were waiting on the sidelines to jump in the game once clarity happens – he said ‘Absolutely.’

“He specifically said Bank of America. Bank of America is a huge partner of Ripple. And he said Bank of America stands to gain really big when the settlement happens because [Bank of America is] going to have a huge competitive advantage over their competitors by using ODL on the marketplace. So Brad is very, very bullish.”

It bears mentioning that the Bank of America is currently a member of the RippleNet committee. The top bank aligned with Ripple way back in 2020.

Read Also: Brad Garlinghouse: Ripple Will Continue to Lead in Terms of Trust and Transparency

In response to being named as a member of Ripple’s global payment network, Julie Harris, the then Bank of America’s head of global banking said;

“It’s about you as a client and the infrastructure you have and the ability for us to integrate, whether that’s with platforms and capabilities that we built or partnerships that we have with the likes of Ripple or Swift. These are fintechs that we’re partnering with. They’ve come through all of our rigor of legal and compliance, and we’re able to leverage our banking as a platform to deliver that to you.”

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The post Bank of America to Leverage Ripple ODL Services Once XRP Lawsuit Ends, Garlinghouse Affirms appeared first on Times Tabloid.

According to the report, the partnership is Ripple’s first on-demand liquidity (ODL) service in Japan. And through this, SBI Remit, Coins.ph, and SBI VC Trade will be able to leverage XRP as a bridge currency for faster and cost-efficient cross-border payments.

Read Also: Judge Permits Ripple to Depose SEC Official Who Classified Ethereum (ETH) As a Currency

This new development indicates that Ripple has remained steadfast with its course despite its ongoing legal battle with the United States Securities and Exchange Commission (SEC). The firm has not stopped taking major steps to take its business, especially in the Asia-Pacific region, to the next level.

Similarly, the Philippines has millions of its citizens living abroad, making the country Ripple’s target. In Asia, the Philippines is the third-largest remittance-receiving country after the two most populous countries in the world, China and India.

Reacting to the new development, the general manager of RippleNet at Ripple, Asheesh Birla, said:

“The expansion of our relationship with SBI Remit to kickstart RippleNet’s ODL service in Japan marks a major milestone in one of our largest markets. SBI Remit has been a leader when it comes to embracing new technology to deliver the best customer experience.”

Read Also: Flare Networks Is Set To Airdrop another Token to XRP Holders. Who Are Those Eligible? Details

Also, the representative director of SBI Remit, Nobuo Ando, said in a statement:

“We see tremendous potential in leveraging blockchain technology to transform not only the way payment transactions are made but in how we manage our business by unlocking trapped capital. The launch of ODL in Japan is just the start, and we look forward to continuing to push into the next frontier of financial innovation, beyond real-time payments in just the Philippines, but to other parts of the region as well.”

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The post Ripple Announces New On-Demand Liquidity (ODL) In Japan appeared first on Times Tabloid.