TransferGo plans to switch to Ripple’s on demand liquidity (ODL) payment solution, in which XRP acts as an intermediate currency.
The British company is currently using the RippleNet solution. With its help, money transfers from Europe to India are carried out. According to Daumantas Dvilinskas, co-founder and CEO of TransferGo, transferring funds takes only seven minutes.
But, in his opinion, in 2020 “even a few minutes will be too slow” for the transfer. Therefore, the company seeks to integrate ODL as an alternative to pre-financing.
Dvilinskas noted that the use of RippleNet also helped reduce the cost of integrating new banking partners in organizing payment corridors. He claims that this allowed a 90% reduction in cross-border transfer fees.