Coins.ph To Utilize Ripple To Extend Cross Border Payments Solutions to Philippines
- OK Remit and Coins.ph to provide cross-border payment services between Japan and the Philippines.
- Coins.ph will utilize Ripple Payments Solution to ensure seamless transactions.
With the use of the Ripple Payment Solution, Coins.ph and OK Remit are partnering to improve cross-border payments between Japan and the Philippines. The cooperation is one of many international ones that make use of the expanding Ripple Payment system.
The conclusion of the partnership was the introduction of an On-Demand Liquidity (ODL) service that will make use of RippleNet, the world's largest payment network. Cross-border payments between Japan and the Philippines will be made easier thanks to the payment solution.
SBI Ripple Asia, a joint venture between Ripple and SBI Holdings, served as the operating platform for the partnership.
By linking via RippleNet to Coins.ph and the digital asset trading platform SBI VC Trade, OK Remit will be able to transmit money from Japan to the Philippines as a result of the new partnership.
In comparison to conventional payment methods, the new alliance will enable quicker transaction settlements at cheaper costs. Additionally, prefunding the destination accounts is no longer necessary thanks to the addition of the Ripple Payment method.
Traditional payment channels were used to conduct cross-border transactions between Japan and the Philippines prior to this recent announcement.
With remittances from Japan to the Philippines reaching $1.6 billion by October 2021, the new payment mechanism is expected to outperform historical figures.
"We are pleased to be working with Coins.ph and Ripple to bring crypto-asset technology to our international money transfer service. As travel restrictions have relaxed since the beginning of 2022, we want people who come to Japan to have a fast and affordable way to send money back home,” stated the President of OK Remit, Shujen Higashida.
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