Ripple partners with Lemonway, Xbaht to bring ODL payments to Europe
Ripple's new partnerships will eliminate the need for Lemonway and Xbaht to pre-fund their accounts when making transactions abroad.
With approximately 70% of financial institutions and 59% of consumers in Europe interested in crypto-enabled payments, Ripple has partnered with Lemonway and Xbaht to leverage its On-Demand Liquidity (ODL ) solution to offer crypto payments to customers in France and Sweden.
Ripple’s ODL enables low-cost and instant cross-border payments without the need for pre-funded accounts.
Paris-based payment provider Lemonway will utilize Ripple’s ODL to enable crypto payment for businesses in France, while Swedish money transfer provider Xbaht will facilitate money transfers between Sweden and Thailand.
According to Ripple’s press release on Oct. 11, the new partnerships will eliminate the need for Lemonway and Xbaht to pre-fund their accounts when making transactions abroad. The ODL solution will help address cross-border payment problems related to speed, reliability, and excessive transfer cost.
Lemonway COO Jeremy Ricordeau commented that using Ripple’s ODL will allow the company to free up some funds which can be passed as benefits to their clients.
“Ripple’s solution allows us greater flexibility around when we make payments to our partners, releasing us from the traditional banking cut-off cycle and driving operational efficiencies which will allow us to free up funds to invest in our business while enhancing our customer offering.”
Ripple’s payment stride
Since its inception, Ripple has developed payment infrastructures aimed at offering cheaper and faster cross-border payments.
So far, Ripple’s ODL is available in 25 markets including Singapore, Malaysia, Poland, and Thailand. Earlier in Aug. 2022, Ripple teamed up with two payment providers Travelex and Tranglo to offer its ODL solution in Brazil and the United Arab Emirates (UAE) respectively.
Ripple also has a private XRP ledger optimized for deploying central bank digital currencies (CBDC). In Nov. 2021, Ripple worked with the Republic of Palau to develop its government-backed USD CBDC.
Starting in Oct. 2022, Ripple alongside three other participants of the Digital Dollar Project will explore the possibility of developing a digital USD that will be used for instant cross-border payments.