- Ripple ODL partner Mercury FX confirms usage of Ripple ODL services.
- Mercury FX also teases “some exciting news”
- Ripple ODL volume surges.
Mercury FX, a global currency specialist, and Ripple ODL partner has confirmed their usage of Ripple’s ODL platform. Mercury FX is a global firm with offices in London, Hong Kong, and South Africa. The company focuses on corporate and high transaction customers.
The firm became a RippleNet customer in November last year aiming to bridge the gap in cross-border payments using RippleNet’s nearly instant and cost-effective remittance solutions. Mercury FX was fraught with slow transaction processing times and exorbitant fees when using traditional remittance solutions.
but to really grow we wanted to target anyone who needs cross-border payments. Disruptive technology like blockchain does not come along too often. When we discovered that Ripple could help us settle payments 100 times faster and at a fraction of the cost, it was a game-changing moment.Alastair Constance (CEO Mercury FX)
The firm reiterated its use of the remittance platform in response to a tweet to streamline cross-border payments.
Mercury FX also hinted at “some exciting news to come.” While it is likely news pertaining to Ripple, the tweet did not explicitly state it.
Ripple ODL Usage Rises
Ripple’s on-demand-liquidity (ODL) platform allows institutions to leverage the blockchain to source liquidity nearly instantly at a cost-effective price. Furthermore, Ripple’s ODL platform is not constrained by traditional banking hours. This allows institutions to utilize Ripple’s services during holidays and off-hours.
The European corridor is one of Ripple’s largest ODL corridors. The corridor has seen a recent surge in Ripple ODL transaction activity. The Mexican corridor has also seen immense ODL transaction volume during coronavirus as financial institutions turn to digital solutions to streamline banking operations.
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