SBI’s system for XRP remittances renewed; ODL vols grow 9x

Ripple has been making rapid strides in its On-Demand-Liquidity [ODL] game. The blockchain firm launched a corridor between Qatar and the Philippines earlier last week. After that, it was announced that FOMO Pay, a Singapore-based payments firm, was set to employ Ripple’s ODL service.

In the post-pandemic era, the demand for cross-border payments has increased. Thus, companies like FOMO Pay have been tying up with Ripple to enhance their hold in this space. Alongside, older companies like Ripple have also been renewing their deals in the pursuit of expansion.

SBI’s latest announcement

Japan’s financial services company, SBI Holdings, is a major Ripple partner and Series C investor in the Silicone Valley tech company. The banking giant has been bullish on Ripple and XRP since the beginning, and its actions have justified the same.

Back in 2021, for instance, Ripple’s first ODL service implementation in Japan was done in collaboration with SBI Remit Co.

SBI Africa’s cross-border e-commerce platform, SBI Motor Japan, started accepting XRP payments in May this year. The same made SBI Motor Japan the first platform in the country to adopt Ripple.

The latest development saw SBI’s system for XRP international remittance service using ODL being renewed. Per SBI’s official release,

“This time, we have renewed the system to support multi-tenancy that can connect with multiple operators. As a result, Asian Net Co., Ltd., which provides international money transfer services, will be newly connected as a money transfer service provider, and will start services for customers from today.”

SBI doesn’t intend to stop here. It has plans to continue strengthening ODL’s “superiority” in international remittance services. Chalking out the same, it noted,

“In the future, we will continue to promote the expansion of multiple domestic and overseas fund transfer companies and remittance destination countries, thereby strengthening ODL’s superiority in international remittance services and striving to expand the use cases of crypto assets.”

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Ripple provides the bigger picture

Ripple released its ‘XRP Markets Report’ a day back, and per the same, liquidity has massively blown up. The volumes noted a 9x hike due to the service’s multi-faceted utility. Elaborating on the same, Ripple’s report noted,

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“Q2 2022 was a record quarter for On-Demand Liquidity as volume grew considerably with 9x YoY growth. Customers continued to expand the use of ODL for use cases beyond traditional remittances or individual payments, with treasury flows and bulk payments accounting for more volume on the network.”