TransferGo's Shift to Ripple's ODL
London-based remittance company TransferGo has announced plans to integrate Ripple's On-Demand Liquidity (ODL) solution, leveraging XRP—the world's third-largest cryptocurrency—to enhance cross-border payments. This move builds on their existing use of RippleNet, Ripple's global payment network.
Key Benefits of RippleNet and ODL
- Faster Transactions: CEO Daumantas Dvilinskas emphasized that even "minutes are too slow" for modern remittance demands. ODL reduces settlement times to seconds.
- Cost Efficiency: Integration costs drop significantly, allowing TransferGo to pass savings to customers—up to 90% lower fees compared to traditional methods.
- Scalability: RippleNet simplifies partnerships by standardizing integrations across banks and payment providers, eliminating custom technical stacks.
TransferGo's Expansion with Ripple
Partnership Timeline
- 2018: Initial collaboration to serve Indian migrant workers, enabling remittances in "just minutes."
- 2020: Expanded services allow European senders to transfer funds directly to Indian bank accounts.
Market Impact
- India Focus: As the largest cross-border remittance market, India is a strategic priority. TransferGo now processes "millions of pounds annually" via RippleNet.
- Regulatory Compliance: Licensed by the UK’s Financial Conduct Authority (FCA), TransferGo operates across 47 countries with 22 supported currencies.
Ripple's Growing Ecosystem
ODL Adoption
Ripple recently surpassed 300 clients, with over 20 using ODL for real-time settlements. Notable users include:
| Company | Service Provided |
|-----------------------|--------------------------|
| MoneyGram | Global money transfers |
| FlashFX | FX payments |
| Interbank Peru | Financial services |
👉 Explore how Ripple transforms cross-border payments
FAQs
1. How does ODL work with XRP?
ODL uses XRP as a bridge currency to facilitate instant transfers between fiat currencies, eliminating pre-funded accounts.
2. What fees does TransferGo charge?
Fees are up to 90% lower than traditional banks, with transactions settling in seconds.
3. Is TransferGo regulated?
Yes, it’s licensed by the UK FCA and complies with international financial standards.
👉 Learn about RippleNet’s global reach
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