2023-9-20 17:55 |
In an effort to streamline its services and enhance accessibility, Ripple has rebranded its “ODL” (On-Demand Liquidity) section on its official website to “Ripple Payments.”
This move comes as the company seeks to make its cross-border payment solution more user-friendly while maintaining its core functionalities.
Introduced in 2018, Ripple’s ODL has long been recognized as a pivotal offering, providing instantaneous and cost-effective solutions for cross-border transactions, especially favoured by financial institutions. Leveraging XRP as a bridge currency, ODL has played a critical role in simplifying the complexities of international money transfers.
Meanwhile, the recent removal of the ODL section from Ripple’s website raised eyebrows among market participants and investors, with users questioning the motive behind this change.
Emi Yoshikawa, Ripple’s VP for Strategy and Operations, promptly responded to these concerns, shedding light on the situation. Contrary to the belief that ODL was eliminated, Yoshikawa clarified that it had been rebranded as “Ripple Payments.” She further noted that the primary objective of this rebranding is to make it more understandable to individuals less familiar with cryptocurrency jargon.
“ODL is a word that is difficult to understand at first glance for outsiders, so we have decided to consolidate it into the term Ripple payments…This is a trend in the transition from Crypto-like jargon to more mainstream.” Emi said in a September 15 post on X.
Notably, despite the rebrand, Ripple Payments will continue to function exactly as ODL did, she clarified. Emi said the rebrand was about simplifying and facilitating mainstream adoption without altering the fundamental services provided.
That said, amidst these changes, Ripple’s ODL partnership network has continued to flourish, with a presence in over 55 countries worldwide today. Renowned financial institutions like SBI, Moneygram and Pyypl have embraced Ripple’s payment services with open arms.
One notable success story in this expansive network is the impressive surge in ODL usage reported by Tranglo, one of Ripple’s largest partners in the Asia-Pacific region. According to a Monday report, Tranglo witnessed a staggering 1,700% increase in ODL usage, surpassing all expectations in 2022. The transaction volume on ODL soared from $53 million in 2021 to an astounding $970 million in 2022, and it has further ballooned to a remarkable $2 billion in the first half of 2023.
Tranglo’s achievement reflects the remarkable growth and resilience of Ripple’s partnership ecosystem, especially in the face of regulatory challenges and market uncertainties. The growth of Ripple’s payment solution can be attributed to its enhanced scalability, cost-effectiveness, and unmatched speed.
That said, the rebranding initiative underscores the company’s commitment to making its services accessible to everyone without altering the core functionalities that have made Ripple a pivotal player in cross-border transactions. While the name has changed, the commitment to innovation and user-friendly solutions remains unwavering in Ripple’s journey towards transforming global finance.
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