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Tuesday, June 25, 2024

ChinaBank Partners With QNB To Enable Remittance Using Ripple’s ODL

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  • Both banks may allow immediate XRP payments via Ripple’s On-Demand Liquidity (ODL).
  • ChinaBank has said that the partnership’s overarching goal is to better serve Filipinos.

ChinaBank, a Philippine banking institution, has partnered with Qatar National Bank (QNB) to enable a direct transfer of funds through the RippleNet payment technology from Qatar to the Philippines.

ChinaBank has said that the partnership’s overarching goal is to better serve Filipinos. Especially who have been sent to work abroad after Covid-19.

Both banks may allow immediate XRP payments via Ripple’s On-Demand Liquidity (ODL), eliminating the need for time-consuming and expensive correspondent banking arrangements. The China Bank START app for smartphones allows clients to easily start an OKS Account with no minimum deposit, as stated in the introduction.

Growing Acceptance of Blockchain-based Solutions

QNB is Ripple’s most important partner in the Middle East and North Africa. As part of its strategy to rapidly enhance cross-border payments and remittance services, the bank announced cooperation with Ripple in 2021.

ChinaBank and QNB’s partnership in adopting Ripple’s ODL is more evidence of the growing acceptance of blockchain-based solutions in the overseas remittance market.

Ripple’s On-Demand Liquidity (ODL) technology facilitates instantaneous international transactions by means of digital assets like XRP. To use it, first, convert your money into XRP, and then use that XRP to buy any currency you need.

By using this strategy, time and money may be saved by bypassing the time-consuming and expensive process of establishing traditional correspondent banking connections. When compared to more traditional methods of making cross-border payments, ODL is a time and cost-efficient alternative.

Several countries have already launched Ripple’s ODL to enhance financial transactions. The Japanese market for the payment platform opened up in 2021. When ODL was initially used in Japan, Ripple believed it would assist speed up the spread of the technology.

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