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Ripple announces the expansion of its partnership with I-Remit in the Philippines

Ripple announces the expansion of its partnership with I-Remit in the Philippines

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Ripple just announced the expansion of its partnership with I-Remit in the Philippines, which is a big and exciting development for both Ripple and its partner. According to Ripple’s tweet, I-Remit has also been one of the early adopters of On-Demand Liquidity (ODL) and is now looking to expand its use to enhance internal wealth management.

Ripple and I-Remit expand partnership

Ripple has been one of the oldest and largest crypto projects that is still running to this day. The venture, run by the company of the same name, has been mired in controversy over the years, peaking when the US SEC filed a lawsuit against it accusing it of selling unregistered securities.

The ensuing legal battle has been costly for Ripple, which lost many partners in its home country. However, the company found plenty of partners from other parts of the world, including Europe, South America, and especially East Asia and Oceania. One example is I-Remit, its long-time partner, which did not abandon its partnership with Ripple – on the contrary, it decided to expand it.

In its announcement, Ripple stated that I-Remit, the largest non-bank remittance service provider in the Philippines, is expanding its use of the Ripple ODL solution to increase its cross-border cash flows.

What does I-Remit achieve with this transfer?

They have been working together since 2018. With the Philippines being a big country for remittances, services like I-Remit have been in high demand. The company improved its business by partnering with Ripple, which allowed it to offer Filipinos a cheap way to receive payments from abroad, as Ripple can send funds around the world almost instantly with very low fees.

Now, after several years of cooperation, I-Remit wants to expand the service and utilize ODL for treasury payments, which will enable it to have liquidity 24/7/365 to cover all its financing needs. It is able to offer same-day payments worldwide, eliminating the need for multi-day prepaid target accounts.

The company’s chairman and CEO Harris D. Jacildo stated that this is an exciting next chapter for the company and its partnership with Ripple. Ripple’s own Senior VP and CEO Brooks Entwistle added that Ripple’s business has a strong appeal and the continued growth of ODL volumes would not have been possible without partners like I-Remit, who decided to give blockchain and crypto a chance and use them for a solution. real problems.

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