In a recent blog post, San Francisco-based fintech company Ripple said that it had established its first partnerships with Xbaht in Sweden and Lemonway in France, giving users in both nations access to On-Demand Liquidity(ODL).
Now based in Paris, Lemonway is its first partner in France. It is used to make payments for online markets. The payment platform will now implement RippleNet-connected ODL – a method that employs the XRP token for rapid and low-cost crypto-based transactions.
Jeremy Ricordeau, the Chief Operating Officer of Lemonway, remarked that the ODL solution from Ripple offers payment flexibility. The network, he said negates, “the traditional banking cut-off cycle and driving operational efficiencies which will allow us to free up funds to invest into our business while enhancing our customer offering.”
Likewise, Ripple revealed a second new ODL client, its first in Sweden. Xbaht, a Swedish money transfer firm, facilitates money transfers between Sweden and Thailand.
With Tranglo, the cross-border payment centre situated in Singapore, Xbaht is now able to offer instant and affordable retail remittances via ODL as a result of its new relationship with Ripple.
Like Ripple, we believe that international payments should be quick and seamless. This is why we’re excited to establish our new partnership to streamline the process for our customers sending remittances between the two countries, making the process faster and more reliable, and lowering the cost,” said Michael Andersen, Chief Executive Officer, Xbaht.
In addition to Singapore, Malaysia, Poland, Indonesia, and Thailand, Ripple’s ODL now permits payouts in 25 other markets.
Together, Ripple and its new clients will make it simpler than ever for customers and businesses in France and Sweden to send money across borders in real time using RippleNet, the company’s financial technology.
Sendi Young, Ripple’s Managing Director, Europe, elaborated on the company’s latest collaboration remarking that “Ripple has focused on using blockchain and crypto to build real use cases. This is why we have become the partner of choice for enterprises such as Lemonway and Xbaht looking to tap into global crypto liquidity to eliminate the traditional problems associated with cross-border payments such as lack of speed, unreliability, and excessive cost.”