Brazil may be the next country where Ripple will launch an On-Demand Liquidity (ODL) solution for international payments.
As the head of Ripple global banking Marjan Delatinne (Marjan Delatinne) said, the company is already developing a corresponding system. According to her, Ripple plans to expand the ODL solution with “exotic corridors” such as the Philippines and Brazil.
“In these countries, you usually try not to store a large amount of liquidity, but sometimes you need to move funds to these States,” she said.
Currently, three Brazilian banks – Santander, Bradesco and Banco Rendimento-are connected to the RippleNet payment network. However, connecting a country to the ODL solution will allow you to exchange and move Fiat currencies using XRP as an intermediary.
Note that the volume of payments in the first quarter of 2020 in the Ripple ODL system has tripled. The number of payments in us dollars has also increased. In November 2019, it was reported that the international payment service MoneyGram is testing the Ripple ODL solution for transactions between the US and Mexico.