Ripple Launches RippleNet’s ODL Deployment in the Middle East

Nearly 1 week after announcing a major collaboration with UAE-based Al Ansari Exchange, Ripple announced yesterday that it has partnered with Pyypl, a leading global Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-based financial services technology company in the Middle East and Africa, for the launch of RippleNet’s ODL deployment in the Middle East.

Through the latest partnership, Ripple is planning to facilitate the remittance corridors in the region. The On-Demand Liquidity (ODL) service leverages XRP for efficient and cost-effective cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. Additionally, Ripple highlighted the importance of the MENA region for the company’s global expansion.

“MENA continues to be a critical region for Ripple thanks to our outstanding roster of customers, a welcoming regulatory environment, and a regional focus on the needed improvements in the current financial system. The establishment of yet another first-in-market ODL launch demonstrates the understanding that digital assets will play a central role in the future of global payments,” Brooks Entwistle, Managing Director of RippleNet in APAC and MENA, commented on the announcement.

The Middle East has some of the world’s largest remittance corridors with a combined value of approximately $78 billion. UAE and Saudi Arabia took several initiatives in 2021 to support the digital transformation in the financial sector.

Ripple’s ODL Service

The ODL service from Ripple gained immense popularity among global financial institutions in 2021. In July, Ripple introduced the first live ODL offering in Japan. Furthermore, the company acquired a 40% stake in Tranglo, one of the fastest-growing cross-border payment firms in Asia.

“We’re excited to be Ripple’s first partner of choice to bring the deployment of ODL to the Middle East. This enables our ever-increasing number of users to deliver remittances instantly and cost-effectively. We’ve also reduced our inefficient use of capital through ODL, and look forward to an exciting rollout of its capabilities across the region,” Antti Arponen, Co-Founder and CEO of Pyypl, said in the press release.