France and Sweden will start using Ripple’s ODL service

What’s new? Ripple has signed contracts to provide its On-Demand Liquidity (ODL) service to companies from France and Sweden, which are payment providers Lemonway and Xbaht. Previously, the service was not available in these countries. RippleNet's ODL will allow companies to make instant transfers using the XRP token, backed by Singapore-based cross-border payment center Tranglo.

Information on the Ripple website

What is ODL? The On-Demand Liquidity service allows two parties to receive instant liquidity with XRP tokens on their accounts. When sent, one party's fiat money is exchanged for XRP and sent to the receiving party, which converts it into its own fiat currency.

What is known about the collaboration? Lemonway is a Paris-based payment provider for online marketplaces, while Sweden's Xbaht provides the money transfer between Sweden and Thailand. By partnering with Ripple, their customers will be able to make real-time cross-border payments using RippleNet financial technology. Lemonway Chief Operating Officer Jeremy Ricordeau noted:

“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 into our business while enhancing our customer offering.”

Lemonway and Xbaht join FINCI, FlashFX, FOMO Pay, iRemit, Novatti, Pyypl, SBI Remit and others also using ODL.

What is known about RippleNet? It is a bank and institutional payment system network that uses solutions developed by Ripple's parent company in order to efficiently conduct transactions around the world. Read more about Ripple in this GetBlock Magazine article.

Ripple's ODL enables transfers in 25 markets, including Singapore, Malaysia, Poland, Indonesia, Thailand, and others. In July 2021, Ripple announced a new partnership with Japan's SBI Remit to convert money transfers from Japan to the Philippines.

In the second quarter of 2022, ODL volume grew more than nine times year-over-year. RippleNet's annual payment volume exceeded $15 billion in May.