Ripple’s senior VP of product management and corporate development, Asheesh Birla, says the San Francisco-based payments startup intends to open up new XRP remittance corridors this year.
Ripple’s XRP-controlled cross-border payments service, On-Demand Liquidity (ODL), has just made a few sprinkles in specific avenues of the institutional remittance industry, especially along the US-Mexico corridor.
The Ripple official says the organization is on the way to connecting new nations to ODL in 2020.
“Ripple is on track to open new ODL corridors this year and we’re onboarding new customers and working with existing customers to ramp up ODL volume in important corridors including USD-MXN, USD-PHP, AUD-USD and PHP, and from EUR-USD.”
It stays hazy which nations or corridors Ripple intends to focus for the time being. However, the payments firm noted in February that it is taking a shot at including new corridors in Latin America, Asia-Pacific, Africa and the Middle East.
As customers as well as businesses adapt to the new standard, Birla alerts that ODL volume could appear to be unique in the world battling with the COVID-19 pandemic.
“We are continuing to focus on supporting low-value, high-frequency payments with ODL—though transaction volume may look different in this new world.”
“In particular, we are reducing emphasis on large treasury payments—which are traditionally used to fund businesses and services in the absence of real-time transfers—to support individual, low-value transactions, addressing the growing need in remittances and SME payments. This may reduce overall ODL transaction volumes.”