TransferGo Wanting to Adopt Ripple-Based ODL Solution

According to The Block, one British-based remittance payments company is looking to adopt an XRP built product from Ripple.

Per the report - which you can read here - the UK-based TransferGo is going to be leveraging On-Demand Liquidity (ODL) in the coming weeks/months.

Just a quick recap for those who don’t know, ODL is a solution built on RippleNet that allows financial institutions the ability to issue cost-effective, reliable, and around the clock near-instant transactions through XRP, which acts as the bridge between institutions.

As Ripple’s website on the ODL product reads:

“RippleNet provides an alternative. While any financial institution on the network enjoys reliable, instant and lower-cost transactions, those who use the digital asset XRP to source liquidity can do so in seconds—freeing up capital and guaranteeing the most competitive rates available today.”

The use of ODL comes following the adoption of RippleNet as to allow for foreign workers to send part of their paycheck to their families “in just a few minutes.”

CEO of TransferGo, Daumantas Dvilinskas, has lauded its partnership with the company, stating the following according to The Block:

“Ripple gives us a competitive edge in India, which is the largest global cross-border remittance market, and today we’re moving more than a couple of million pounds per year… We’re helping people save up to 90% on traditional fees for cross-border transfers.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!