Today, we are thrilled to announce that we have surpassed 300 customers. We have also seen 10x year-over-year growth in transactions on RippleNet, our global network of banks, financial institutions and payment providers that sends money globally, instantly and reliably for fractions of a penny.
Just last year at our annual conference Swell, we announced On-Demand Liquidity (ODL), which leverages the digital asset XRP as a bridge currency to eliminate the need for pre-funding in cross border payments.
In less than a year since the commercialization of ODL, we have seen tremendous growth and customer interest with two dozen customers signed on to use the product. Some of the notable customers committed to using ODL include MoneyGram, goLance, Viamericas, FlashFX and Interbank Peru. There have been more than 7x the number of transactions using ODL from the end of Q1 to the end of October.
- Michael Brooks, CEO of goLance: “The freelance marketplace is growing dramatically as more companies are hiring talent, both domestic and overseas, to help grow their businesses. At goLance, we want to ensure that freelancers are paid on-time, with minimal fees. That’s why we’re partnering with Ripple. Through our partnership, goLance uses blockchain technology and XRP to address the current inefficiencies with cross-border payments by making transactions quicker, more reliable and cheaper. By lowering the cost of sending payments, goLance can put more money into the hands of the freelancers and improve their quality of life.”
- Paul Dwyer, CEO of Viamericas: “As one of the fastest growing money transmitters in the world, we understand the current challenges of sending money globally and look for operational efficiencies to make the process easier and more affordable for the people we serve. Last year, remittance flows were at an all time high at close to $600 billion, and have long been one of the largest sources of external financing in developing countries, of particular importance to low and middle income families. Ripple’s On-Demand Liquidity enables us to send real-time payments and lower payment costs, as we are able to manage our liquidity more efficiently.”
- Nicolas Steiger, CEO of FlashFX: “As one of the earliest adopters of Ripple’s On-Demand Liquidity, we’ve seen the benefits firsthand of the product and its potential to not only dramatically improve cross border payments for customers, but to also impact our bottom line. We’re excited to be at the forefront of using this technology and to help Australians save time and money when transferring money overseas.”
ODL first launched offering payment corridors in Mexico and the Philippines. Corridors have since expanded to Australia, with Brazil coming soon. Plans for additional corridors across APAC, EMEA and LATAM are in progress for 2020.
“This year has been our strongest for Ripple yet. In 2019 we’ve seen continued momentum with customers, growth of RippleNet and adoption of On-Demand Liquidity. In just a year since we launched ODL, we are already making an impact on the bottom line for our customers,” said Brad Garlinghouse, CEO of Ripple. “We’re excited to continue this momentum into next year and for the expansion of ODL into new markets.”
In June, MoneyGram, one of the world’s largest money transfer companies, announced its plans to implement ODL. Just two months after the announcement, MoneyGram was live and transacting on RippleNet. The company initially started with payments into Mexico, from the US and has since started sending cross border payments to the Philippines.
“One of the core strengths of MoneyGram is our global liquidity and settlement engine that enables our customers to send money in over 200 countries and territories. Our partnership with Ripple has helped us to improve this strength and we’ve already started seeing the product’s potential to streamline our back- end capabilities,” said Alex Holmes, MoneyGram’s CEO. “For the first time ever, we’re settling currencies in seconds, and because of these results, we’re expanding our partnership with Ripple and are excited to announce that we have started executing foreign currency trades with the Philippine peso using ODL.”
We have customers in more than 45 countries and 6 continents using RippleNet, with payout capabilities in 70+ countries. Recent Ripple customers and partners include Faysal Bank in Pakistan, bKash in Bangladesh, QNB in Qatar, and Finastra in the U.K.