View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
October 12, 2022

Ripple to support ODL payments for Lemonway, Xbaht in Europe

Enterprise blockchain and crypto solutions provider Ripple has forged alliances with Lemonway and Xbaht to offer on-demand liquidity (ODL) payments in France and Sweden, respectively.

Based in France, Lemonway offers payment solutions for online marketplaces, while Xbaht is a Swedish money transfer provider. Xbaht enables transfer of money between Sweden and Thailand.

As part of the partnership between Ripple and Lemonway, the latter will use RippleNet’s ODL to improve its treasury payments system. RippleNet’s ODL is designed to use XRP to facilitate crypto-enabled payments.

Lemonway will be able to enhance operational capabilities without the need to pre-fund accounts abroad, through the partnership.

The company will also be able to use previously raised pre-funded capital to expand its business.

This collaboration will benefit from France’s inclination towards exploring the potential of crypto technology, noted Ripple.

Under the alliance between Ripple and Xbaht, the money transfer provider will be able to offer prompt and affordable retail remittances through ODL.

The partnership will be driven by Tranglo, a cross-border payment facilitator in Singapore.

Both the tie-ups will allow consumers and traders in France and Sweden to carry out real-time international transactions based on Ripple’s financial tool, RippleNet.

Ripple managing director of Europe Sendi Young said: “We are delighted to be working with Lemonway and Xbaht, our first ODL customers in France and Sweden respectively.

“Since our inception ten years ago, Ripple has focused on using blockchain and crypto to build real use cases.

“This is why we have become the partner of choice for enterprises such as Lemonway and Xbaht looking to tap into global crypto liquidity to eliminate the traditional problems associated with cross-border payments such as lack of speed, unreliability and excessive cost.”

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International