I-Remit utilizes blockchain technology to scale up operations

I-Remit, the largest non-bank remittance service provider in the Philippines, said it will expand the use of Ripple’s on demand liquidity solution to improve cross-border treasury flows.

As a Ripple partner since 2018, I-Remit is an early adopter of ODL and has used the blockchain-enabled enterprise solution to manage real-time and cost-effective cross-border payments to the Philippines.

“As one of the earliest adopters of Ripple’s ODL solution, we have been able to scale and accelerate our extensive payout capabilities in the Philippines. We are excited about this next chapter in our well-established partnership with Ripple to further leverage ODL for financial management and provide the best possible service for our customers,” said I-Remit Chairman and President Harris Jacildo,

ODL leverages XRP, the digital asset built for payments as a bridge between two fiat currencies, thereby enabling instant and low-cost settlement without the need to have pre-funded capital in a destination market.

I-Remit chose to expand the use of ODL to improve its internal financial management. Due to the archaic infrastructure that correspondent banking relies on, traditional treasury payments are subject to the same barriers and friction associated with cross-border payments.

By leveraging ODL for Treasury payments, I-Remit is now able to gain 24/7 access to year-round liquidity for their funding needs, enabling same-day settlement globally.

By eliminating the need to pre-fund destination accounts over several days, I-Remit can channel these funds to scale the business operations of their overseas subsidiaries and support partners.

Ripple, a leader in enterprise blockchain and crypto solutions, was the first enterprise company to leverage crypto to tackle the billion-dollar challenges of cross-border payments.

“Ripple’s strong business lines and continuous growth in ODL volume would not be possible without partners like I-Remit who want to take advantage of blockchain and crypto technology to solve real-world problems. We are excited about the expansion of our partnership with I -Remit to help bridge liquidity gaps so they can grow and scale other aspects of their business,” said Ripple Senior Vice President and CEO Brooks Entwistle.

RippleNet leverages blockchain technology to help partners across a global network accelerate business performance and scale.

It provides a superior end customer experience, simplified network partnering, liquidity management solutions, lines of credit and state-of-the-art infrastructure to enable real-time payments.

I-Remit joins companies including FOMO Pay, Novatti, FlashFX, Tranglo, SBI Remit, Pyypl and more that benefited from ODL for their business and customers.