Ripple has collaborated with International Money Express (Intermex), a remittance firm that is majorly focused on the Caribbean and Latin America corridor.
Through the collaboration, the Miami-based Intermex will make use of Ripple’s On-Damand Liquidity (ODL), denoting that the remittance service provider will make use of XRP for its cross-border payment.
In an update, Intermex says it got the opportunity to use the ODL through the usage of RippleNet, Ripple’s most sought after financial service solution used widely by institutions in the remittance industry.
The Ripple’s ODL makes use of Ripple digital asset XRP to achieve almost instant currency transfer across the world. The ODL service completely removes the hindrances of pre-funding in cross-border remittance services by serving as a bridge for sending and receiving currencies.
According to the update, the use of ODL was born out of the fact that XRP remains the efficient and widely used digital asset for settlement, and the undeniable fact that through XRP, transactions are settled at just fractions of a penny.
Intermex has reach across 17 countries in Latin America and the Caribbean, allowing clients to transfer funds from the United Stated to those countries hassle-free. Intermex offers electronic fund movement to customers through its vast growing network.
We are pleased to have begun the partnership with the Ripple team, and look forward to implementing new solutions on RippleNet and ODL to help drive growth and deliver greater efficiency,” Intermex CEO Bob Lisy said about the collaboration.
XRP-centric ODL Growing
There’s high demand for Ripple’s ODL, an XRP-centric cross-border payment solution that completely eradicate account prefunding in the remittance industry.
Available data shows that Ripple’s ODL saw a surge in usage in Australia, Mexico and Philippines on Saturday, indicating that more users are leveraging the unmatched payment solution more than before.