Ripple’s ODL Dramatically Reduces Our Operational Costs: MoneyGram CGOO

News
Fri, 11/29/2019 - 11:05
Yuri Molchan
In the course of the Swell event that occurred in Singapore recently, a top manager of MoneyGram revealed that ODL product helps them make payments faster and cheaper
Cover image via ir.moneygram.com
Contents

Many expected the Swell conference conducted in early November by Ripple in Singapore to trigger the growth of XRP price, since this happened in previous years.

However, it did not happen this time, even though Ripple did boast a tremendous yearly progress in landing new customers (over 300 now) and its partners in the use of On-Demand Liquidity (ODL).

Ripple’s ODL makes remittance fast and cheap

The main partner so far in that is the global remittance operator MoneyGram, which sends funds from the US to Mexico using the local Bitso exchange and XRP.

The head of global operations at MoneyGram, Kamila Chytil, who was hired in late September, stated:

“We’ve leveraged On-Demand Liquidity on RippleNet to dramatically reduce our operational costs and process global payments at unprecedented speeds.”

In the course of the conference, top execs at Ripple, Ross Edwards and Kevin Mole, made a small presentation, explaining how the process of funds sending works on blockchain.

Is Spain’s third largest bank now with Ripple?

One of the Ripple fans on Twitter noticed that the third largest bank in Spain was used as an example during the aforementioned presentation. Some in the comment thread started guessing, whether the Caixa Bank now also works on RippleNet.

Related
Ripple's XRP Finally Gets Mainstream Exposure on BBC

Weiss Ratings acknowledges Ripple and ODL

As reported by U.Today recently, the Weiss Ratings agency has called Ripple’s ODL and XRP tools that may help Ripple build a better system of remittance around the globe.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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