Ripple meets Central Bank of Cambodia, SBI Asia to implement ODL
Ripple offers various payment solutions for large and small companies to process cross-border payments quickly and cost-effectively. Recently, the XRP dominance in the Japanese market has declined as investors have been disappointed with the performance of XRP. The financial conglomerate SBI Ripple Asia, on the other hand, is currently piloting ODL and intends to complete its test phase soon and thus go into production.
SBI Ripple Asia: Official launch for ODL later this year
SBI Ripple Asia is a joint venture between SBI Holdings, a Japanese Fintech group, and San Francisco-based Ripple. SBI Ripple Asia aims to provide Asian financial institutions and payment service providers with a next-generation payment platform based on blockchain technology. Since the middle of last year, the group of companies has been led by Adam Traidman, who is also CEO of BRD Wallets and SBI Mining Chip Co.
In a recent interview with Tony Edward, known on YouTube as “Thinking Crypto”, Traidman describes how SBI Ripple Asia is successfully testing the ODL payment solution and is very pleased with the results:
ODL is a solution that changes the fundamental layers of the banking system and how money is moved and that technology is super exciting. It’s just rolling out now, for SBI Ripple Asia we have limited trial and pilot projects going on right now with various companies in our territories, and they’re going great.
Already at the end of last year, the association announced its intention to take up to 50% of Ripple’s total network volume as soon as the technical infrastructure for the use of ODL is available:
I expect that probably later this year and into next year things are going to move into widespread production, and I expect remittance companies that were restricted in growth because of pre-funding requirements to have a lot more flexibility.”
Currently, all banks still use RippleNet to process transactions, but all partner banks of SBI Remit and SBI Ripple Asia are scheduled to migrate to Ripple’s new system, ODL, before the end of this year. SBI Remit works with Ripple partner MoneyGram and currently processes transfers in over 196 countries with over 350,000 locations. Marcus Treacher, Ripple’s SVP of Customer Success, revealed last week that Ripple plans to complete its global expansion into over 192 countries by the end of 2021.
Ripple meets Central Bank of Cambodia
In the interview, the CEO of SBI Ripple Asia further explained that he met with representatives of the Central Bank of Cambodia last December to discuss possible alternatives to SWIFT. The Central Bank of Cambodia wants to free itself from the dependence of the banking system and is therefore on the way to develop its own payment system based on Distributed Ledger technology.
The platform is expected to be published by the end of 2020, but it is not known whether and to what extent SBI Ripple Asia is involved. As Crypto News Flash already reported, Ripple met with the leadership of the Central Bank of Brazil a few days ago, presumably to discuss the opening of a new ODL payment corridor to Brazil. crypto-news-flash.com