Blockchain platform Ripple is in talks with several Asian banks as it looks to roll-out its ODL solution with them in the coming months.
SBI Ripple Asia which is a joint venture between SBI Holdings and Ripple aims to provide Asian financial institutions and payment service providers with its next-generation payment platform based on blockchain technology. The platform recently tested its ODL payment solution and is looking to expand this to its clients across Asia.
This was evident in a recent interview where the Ceo of SBI Ripple Asia Adam Traidman articulated that the platform had completed internal testing of the ODL payment solution and were confident that it could be deployed externally to clients within the region.
At the moment all banks within the platform still use RippleNet to process transactions but Ripple is scheduled to migrate partner banks to its latest ODL solution.
SBI Remit works with Ripple partner MoneyGram and currently processes transfers in over 196 countries with over 350,000 locations.
Ripple meet Central Bank of Cambodia
Ripple have further continued discussions with the Central Bank of Cambodia regarding an alternative to SWIFT. The Cambodian apex bank wants to free itself from the dependence of the banking system and is looking for a way to develop its own payment system based on blockchain technology.
Ripple is said to be in discussion with the Bank to develop the new remittance system on their blockchain. It is also reported that the Cambodia bank could also adopt its ODL solution.
There have also been similar meetings with the leadership of the Central Bank of Brazil a few days ago with the idea of opening a new ODL payment gateway to the Latin America nation.
Ripple dominance in the Japanese markets has recently declined as investors have been disappointed with the performance of XRP. Nevertheless, there is a strong push from the blockchain platform with more companies coming on board.
XRP is currently ranked fourth on the coin rankings and is regarded as the third most popular cryptocurrency in the market space. At the time of publication, Ripple is valued at $0.187314 with 0.4% in the last 24hours of trading.