Ripple Payment Solution To Ease Cross-Border Settlement From Japan to the Philippines At Reduced Rate

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Ripple has established a payment solution to ease the stress of cross-border settlement.

According to a press release, a leading cryptocurrency company, Coin_ph, has collaborated with a money transfer firm, OK Remit, to launch an On-Demand-Liquidity (ODL) service that will leverage Ripple (XRP) global payment network, RippleNet. 

This development will allow the blockchain network to facilitate cross-border settlement from Japan to the Philippines.

RippleNet is a decentralized global network of banks, and payment providers using the blockchain’s distributed financial technology that provides real-time messaging, clearing, and settlement of financial transactions.

A Partnership Between OK Remit And Coin_ph: Detailed

According to the partnership terms, OK Remit will integrate with coin-ph and SBI VC Trade through RippleNet to enable instant, low-cost remittances from Japan to the Philippines.

This latest development will enable users to experience smooth transactions that will be settled instantly at a meagre fee. Traditional payment methods don’t offer this kind of seamless and stress-free transaction. 

Additionally, the ODL will support the XRP blockchain as a bridge between the fiat currencies of Japan and the Philippines. 

Coin_ph and OK Remit Founders Shares More Insight

As a result of the initiative, there is no need to pre-fund destination accounts, resulting in a reduction in operating costs and a release of capital.

Wei Zhou, coin_ph’s CEO, commented on the development where he said that the initiative is a game changer for the many Filipinos who reside and work in Japan. 

The lack of better solutions has forced Filipinos in Japan to use traditional payment methods to send money home to their families.

Related: Ripple Collaborates With Travelex to Launch an Enterprise Cryptocurrency Payment Service in Brazil.

The Coin_ph owner said:

“Coins_ph is committed to harnessing the power of blockchain-based cryptocurrency technologies to empower Filipinos to move money across borders in a fast, frictionless, secure, compliant, and affordable way, making the global currency transfer system more inclusive in the process. The ODL service we launched today with OK Remit is an exciting example of how we can achieve that.” 

Remarkably, over the years, remittances from Japan to the Philippines have been enormous, with the total amount skyrocketing to $1.6 billion in October 2021.

Shujen Higashida, President of OK Remit, said: 

“We are pleased to be working with Coins_ph and Ripple to bring crypto-asset technology to our international money transfer service.

Shujen added that OK Remit is committed to developing a faster and cost-effective payment solution that will enable Filipinos residing in Japan to “send money back home.” 

How Ripple Supports Prominent Industries

Although, this is not the first time RippleNet will be adopted for fast and cheap cross-border settlements. 

The (XRP) payment network has been proven effective in sending funds internationally by many financial institutions, including banks. Additionally, top Australian and Canadian banks inked a partnership to use RippleNet to facilitate payments between the countries

Read more: Huobi Japan To Distribute Flare Tokens to Ripple (XRP) Holders.