On October 11, 2022, San Francisco-based blockchain firm “Ripple” announced the expansion of RippleNet’s on-demand liquidity (ODL) in the European market. RippleNet is a decentralised global network of institutional payment-providers, and Paris-based payment provider “Lemonway” and Malmö-based money transfer provider “Xbaht” will be its first ODL customers in France and Sweden, respectively.
Earlier this year, in July 2022, Ripple joined hands with Singapore-based digital payment and banking solutions provider “Fomo Pay”, followed by “Travelex Bank” in Brazil (in August 2022), to introduce RippleNet’s on-demand liquidity (ODL) in these growing markets. And now Ripple is forging new partnerships in France and Sweden to achieve instant and affordable cross-border settlements for the European market.
Ripple’s ODL service leverages its digital asset, XRP, to help customers move money around the world without the need to open expensive “nostro accounts” in foreign countries, freeing up locked-up funds that could be put to better use.
During cross-border payments, customers don’t have to deal with multiple intermediaries as Ripple’s XRP token will act as a bridge between the two fiat currencies. So, while it would take 3–4 business days to settle international transactions with legacy payment infrastructures, Ripple’s ODL will deliver payments in real-time, within a matter of seconds.
Lemonway is a pan-European payment institution, based in Paris (HQ), London, Madrid, and Milano. It is approved and regulated by the Prudential Authority, ACPR (Autorité de Contrôle Prudentiel et de Résolution), and offers a secure and complete payment solution, including payment processing, wallet management, etc., to marketplaces and alternative finance platforms.
The Lemonway payment solution is used by over 1,400 websites in Europe, and some of its biggest clients include the French Football Federation, freelancer platform comet.co, and B2C marketplace Decathlon.
Lemonway is known for its secure, modular, and compliant payment solutions to simplify transactions, and now with this strategic partnership with Ripple, it can utilise blockchain technology to boost its cross-border treasury flows, unlocking trapped capital.
Xbaht, a Malmö, Sweden-based money transfer application for Thai people living in Sweden, has also partnered with Ripple to access its ODL payment corridors between Thailand and Sweden. As of 2021, there are over 60,000 Thais in Sweden and over 10,000 Swedes living in Thailand, and via Ripple’s ODL, Xbaht can offer instant and cost-effective retail remittances to its customers.
Individual Remittances is one of many use cases for Ripple’s ODL liquidity solution, which enables remittance providers to send payments without locking in funds at various financial intermediaries.
Ripple’s global financial network is growing in over 25+ payout markets, including Australia, Japan, Mexico, Brazil, France, Thailand, and Singapore. It accepts B2B/B2P/P2P & P2B payment types as well as payouts to bank accounts, wallets, and cash.
Welcoming two new ODL partners today! @LemonWay as our first ODL partner in France & Xbaht as our first ODL partner in Sweden! 🇫🇷🇸🇪— Ripple (@Ripple) October 11, 2022
Together, we’re making it easier for consumers and businesses in these regions to make real-time payments around the world. https://t.co/WOFgR3D0IP