Ripple Partner Finablr Claims 22 Percent Revenue Rise
Finablr’s adoption of Ripple’s On-Demand Liquidity (ODL) system is paying dividends. The payment service recently posted a revenue update claiming its earnings rose by 22%.
Remittance companies using ODL seem to be making huge strides in their integration of XRP. Not only are they enjoying a seamless transition between fiat currencies, they’re also seeing an increase in profits.
MoneyGram is one recent example of this phenomenon; now Finablr is getting in the act too. The company has posted an earnings report of $182.3 million year-to-date. It also says it saw a 22.1% year-on-year increase. The company even gave credit to their partners that helped push its performance.
It was previously announced that Finablr is now running on Ripple. It’s also using ODL and XRP to provide additional liquidity for the digital token.
The remittance company has also entered into a partnership with Samsung. Finablr’s money transfer services will be available in 50 countries, thanks to the electronics giant’s crypto wallet. The feature will reportedly be embedded in Samsung’s newest line of smart devices.
Ripple’s On-Demand Liquidity system has been getting good press in the past few weeks. The CEO of global payments firm MoneyGram recently extolled the virtues of ODL during the recently held Ripple Swell event.
According to CEO Alex Holmes, 10% of its remittances to Mexico are now conducted through ODL. Ripple had deliberately partnered with Bitso, Latin America’s largest crypto exchange, for this purpose. MoneyGram now sends XRP straight to the venue where the cryptocurrency is converted into the Mexican peso.
While news of Finablr’s success is a welcome one, many in the crypto community are raising questions as to why XRP price remains below $0.30. The confusion is understandable as Ripple has secured more than 300 partnerships in this year alone, and ODL and XRP are also actively used.
FlashFX Expands XRP Reach
Another company is also keen to make good use of Ripple’s ODL. FlashFX tweeted that it is establishing a new payment channel from Australia to the Philippines. The company shared it will be using RippleNet and ODL for this endeavor.
FlashFX has the distinction of being the first company to bring ODL to Australia through its international money transfer system. It’s a fitting accomplishment as it was also the first Australian company to integrate blockchain into its money transfers when it collaborated with Ripple.
Marcus Treacher, Ripple’s Global Head of Strategic Accounts, said FlashFX was an ideal partner in their bid to open a new corridor since it was one of their first customers to use ODL. The Australian company also shared their vision to enhance cross-border payments.
The new corridor Treacher mentioned is between Australia and the Philippines. With ODL, money transfers between the two countries will be cheaper and faster. These benefits will eventually make their way to FlashFX’s other corridors.
FlashFX CEO Nicolas Steiger said Ripple’s new generation offering essentially lets customers experience blockchain’s power. He added that integrating it in their international money transfer feature will lead to more affordable transaction costs and decreased transfer time.
Steiger also said that Ripple’s ODL is vital to cross-border payments as it will supply on-demand liquidity via a digital asset. It will also minimize dependence on pre-funding at the FlashFX destination.