The settlement and remittance network, Ripple, has started introducing its On-Demand Liquidity (ODL) solution in Asia to attain the cross-border payments corridor, said the CEO of SBI Ripple Asia Adam Traidman in an <a href="https://www.youtube.com/watch?v=rgchERioohE" target="_blank" rel="noopener">interview </a>with a YouTube Channel Thinking Crypto.
<h2>Limited Trial And Pilot Projects With Companies</h2>
On June 18, Traidman notified that SBI Ripple Asia has started a limited trial and pilot projects with several companies in the continent for its payment corridor.

Traidman has further said, “I expect remittance companies that were restricted in growth because they have pre-funding requirements, they have a lot of capital—they’re going to have a lot more flexibility”.

The ODL solution of Ripple is a payment corridor that uses <a href="https://www.cryptoknowmics.com/news/xrp-poised-to-go-down-even-further-top-analysts/" target="_blank" rel="noopener">XRP</a> as its bridge currency. Usually, the cross-border transfers are very time consuming and costly but the solution would reduce both for its customers.

During his interview, Traidman said that although for some countries the ODL solutions are best, there few countries around the world who do not consider it to be so.

While explaining it, the CEO of SBI Ripple Asia said that in Japan sending money is expensive but in the US it is not and that is the reason Ripple did not even try to replace Automated Clearing House (ACH) there. He said the ODL solution is more suitable for cross-border payment because that costs a lot.
<h2>Ripple’s ODL Usage Increased </h2>
Since the ODL network has been introduced in the market, its use is increasing day-by-day. In Q1 2020, the transaction volume of ODL payments network was three times higher.

It has been notified that the USD value has been transacted using ODL and it increased by over 294 percent.

An earlier report has stated that for cross-border payment, most of the Asian countries are using RippleNet, blockchain-based financial services network.

It is to be noted that there are some other remittance companies like London-based Azimo, that are employing their ODL solutions in some Asian countries.

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SBI Ripple Asia Starts Introducing ODL Solution in Asia

The settlement and remittance network, Ripple, has started introducing its ODL solution in Asia to attain the cross-border payments corridor.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

SBI Ripple Asia Starts Introducing ODL Solution in Asia

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