November 8, 2019 – Ripple announces that its RippleNet system has achieved 300 customers while achieving a 10x year-over-year growth in transactions. RippleNet is a global network of banks, financial institutions, and payment providers to transfer money over the world. XRP is the bridge currently being leveraged to eliminate the need for pre-funding in cross border payments. RippleNet calls this On-Demand Liquidity (ODL).
Notable customers include MoneyGram, goLance, and Viaamericas. Freelancing site goLance said in a statement that it uses XRP “to address the current inefficiencies with cross-border payments by making transactions quicker, more reliable, and cheaper.” goLance also said this enables the company to give the savings to the freelancers who use the platform. goLance said a lot of its freelancers are based in the Philippines and with the traditional system, the freelancers end up earning less than $100 in average transactions.
The first ODL payment corridors are in Mexico and the Philippines and now has expanded to Australia with Brazil coming soon. By 2020, Ripple plans to launch this across the Asia-Pacific, Europe, Middle-East, Africa, and South America.
Of course, the highlight partnership is with MoneyGram, one of the largest money transfer companies in the world. MoneyGram was actually transacting on RippleNet two months after the announcement. It started in Mexico and soon in the Philippines. MoneyGram CEO Alex Holmes said that since the core strength of MoneyGram is its global liquidity and search engine, the Ripple partnership allows the company to streamline its back-end capabilities.
“For the first time, we’re settling currencies in seconds,” said Mr. Holmes, before stating that they have started executing foreign currency trades with the Philippine peso.
Forbes is able to interview GarlingHouse in time for Ripple’s Swell Conference in Singapore, who has stated that while there was lots of skepticism with regards to how XRP can be used for liquidity, many companies are now benefitting from its ability to facilitate cross border payments. In the Philippines, for example, reports suggest that Cebuana Lhuillier, SendFriend, and Xendpay.
Previously, when local paper BusinessWorld asked if people will lose some value because of the coin’s volatility, he argued that since transactions are almost instant, there is very minimal volatility during the moment of conversion and when the end-user receives the money. He argues there is much more volatility between PHP to USD versus using XRP.
This article is published on BitPinas: RippleNet Announces More Than 300 Customers
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