Ripple partners MFS Africa to streamline real-time mobile payments

Digital payments hub MFS Africa has partnered US-based crypto solutions provider Ripple to gain access to its on-demand liquidity (ODL) crypto solution

Digital payments hub MFS Africa has partnered US-based crypto solutions provider Ripple to gain access to its on-demand liquidity (ODL) crypto solution. The partnership will allow MFS Africa to make use of Ripple’s on-demand liquidity to streamline real-time mobile payments for customers in 35 countries.

Ripple representatives highlighted that the partnership would improve financial inclusion in Africa as ODL can help markets that often struggle with liquidity sourcing. According to MFS Africa representatives cited by news. bitcoin.

com, the collaboration with Ripple will enable fast, secure, and low-cost remittances, at scale. MFS Africa operates 800 payment corridors across the continent, which means that the entire region stands to benefit from an increase in financial inclusion. What is Ripple’s on-demand liquidity solution? According to exodus.

com, Ripple’s ODL helps customers to move money around the world without the need for correspondent banking relationships and the pre-funding of accounts abroad. In contrast to a legacy payment infrastructure that’s prone to errors and needs an average of 3 to 5 days to settle international transactions that involve multiple parties, ODL leverages Ripple’s XRP token to act as a bridge between two fiat currencies. This allows the system to ultimately settle payments in local currency at the payment destination in a matter of seconds.

According to the same source, Ripple has been gradually bringing ODL to various regions. ODL corridors now exist in Europe, the Philippines, Australia, Japan and Africa thanks to its recent partnership with MFS Africa. In October 2022, Ripple has announced its first On-Demand Liquidity (ODL) customer in France, partnering with Lemonway, and in Sweden with Xbaht.

According to Ripple, about 70% of financial institutions and 59% of consumers in Europe are interested in crypto-enabled payments,  and the partnership allowed Lemonway to integrate RippleNet’s ODL solution. Regarding this partnership, Lemonway COO Jeremy Ricordeau commented that using Ripple’s ODL will allow the company to free up some funds which can be passed as benefits to their clients. In August 2022, Ripple announced the launch of RippleNet’s On-Demand Liquidity (ODL) in Brazil in partnership with Travelex Bank.

Travelex Bank aims to simplify customers’ access to international money through several services including remittance and international payments, ATMs, and multicurrency prepaid cards. The bank is a 100% digital and 100% personal bank, as they mention. Focused on e-Fx transactions, they leverage tech to provide banking solutions to companies and individuals in various sectors.


Nov 21, 2022 16:00
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