I-Remit Expands Its Use of Ripple's On-Demand Liquidity to Enhance Cross-Border Treasury Flows

Ripple, the leader in enterprise blockchain and crypto solutions, yesterday announced that I-Remit, the largest non-bank remittance service provider in the Philippines, would expand its use of Ripple's On-Demand Liquidity (ODL) solution to improve its cross-border treasury flows.

As a partner of Ripple since 2018, I-Remit is an early adopter of ODL and has been using the blockchain-enabled enterprise solution to clear cross-border payments in real-time and cost-effectively into the Philippines. ODL leverages XRP, the digital asset built for payments as a bridge between two fiat currencies, thus enabling instant and low costs settlement without the need to hold pre-funded capital in a destination market. 

Having first experienced the benefits of ODL to enable instant cross-border payments into one of the top five remittance destinations globally, I-Remit chose to expand their use of ODL to improve their internal treasury management. Due to the archaic infrastructure that correspondent banking relies on, traditional treasury payments are subject to the same barriers and friction associated with cross-border payments.

By leveraging ODL for treasury payments, I-Remit is now able to get 24/7, all year round access to liquidity for their funding requirements, thereby enabling same day settlement globally. Having eliminated the need to pre-fund destination accounts over several days, I-Remit can now channel these funds to scale the business operations of their overseas subsidiaries and support its partners.

"As one of the earliest adopters of Ripple's ODL solution, we've been able to scale and accelerate our extensive payout capabilities in the Philippines. We're excited for this next chapter of our well established partnership with Ripple to further utilize ODL for treasury management and provide the best possible service for our customers," said Harris D. Jacildo, Chairman and President of I-Remit.

"Ripple's strong business traction and continuous growth in ODL volume would not have been possible without partners like I-Remit looking to take advantage of blockchain and crypto technology to solve real-world problems. We're excited at the expansion of our partnership with I-Remit to help bridge liquidity gaps so they can grow and scale other aspects of their business," said Brooks Entwistle, Senior Vice President and Managing Director at Ripple.   

Ripple was the first enterprise company to leverage crypto to tackle the trillion dollar challenges with cross-border payments.