Ripple XRP ODL Opines Mother Need Not Wait 5 Days to Get Check Cleared

By Maheen Hernandez February 6, 2020 Off
Ripple XRP ODL

Brad Garlinghouse, in the past, tweeted:  “#Davos2020 challenged us all to step back from the day-to-day and consider how we can (and must!) contribute to the greater good. Our work matters more now than ever, and we have the opportunity to create a more inclusive financial system.”

Ripple XRP IntermexWire Partnership

Ripple recently announced its partnership with IntermexWire (International Money Express, Inc.).  They state that it is an essential step in altering the Status Quo of the slow and expensive cross-border payments system existing now.

This partnership will facilitate the quick transfer of funds between the US and Mexico. Remittance flows are essential to low and middle-income countries.  There is a necessity for low cost and instant payment methods in these countries.

IntermexWire will leverage RippleNet to facilitate faster and transparent cross-border remittance services between the United States and Mexico.

Being the largest of US to Mexico Remitter, IntermexWire processes more than 30 million payment transactions in a year using a network of 100,000 payer locations. The On-demand Liquidity Service, which depends on XRP working as a real-time bridge sending and receiving currencies, enables faster and cheaper cross-border transactions.

ODL eliminates the need for financial institutions to pre-fund accounts in destination currencies.  This the most competitive FX rates, while freeing up Capital is thus guaranteed. There has been significant growth in customer interest ever since the commercialization of ODL.

Sydney Ifergan, the Crypto Expert Tweeted:  “#Ripple #XRP On-Demand Liquidity relaxing the need to pre-fund accounts using destination currencies is a nice thing for financial institutions. This feature sets the trend for more customers to have a reason to look to #ODL for sending and receiving #currencies.”

Ripple XRP Swell

Singapore and South East Asia are serving as the hotbed for Fintech Innovation. However, Ripple Insights express that the current infrastructure is not sufficient to meet the requirements of individuals.  Ripple Opines that five days to clear a check to a mother waiting to keep her kids in school is too long.  The same being true with a family waiting to pay their rent.  The day-to-day living needs are not to get disrupted per Ripple insights.

Swell has come up with solutions to transfer money quickly from across the world.  They claim half of their customers are from the APAC (Asia Pacific Region). XRP ledger transactions are settled in seconds with On-Demand Liquidity (ODL) in just a fraction of a cent. The costs are thus lowered for everyone involved in the entire process.