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- Both banks may facilitate immediate XRP transactions through Ripple’s On-Demand Liquidity (ODL).
- ChinaBank has indicated that the primary aim of the partnership is to enhance services for Filipinos.
ChinaBank, a banking entity in the Philippines, has formed a partnership with Qatar National Bank (QNB) to facilitate direct fund transfers utilizing RippleNet payment technology from Qatar to the Philippines.
ChinaBank has indicated that the primary aim of the partnership is to enhance services for Filipinos, particularly those who have been employed abroad following the Covid-19 pandemic.
Both banks may facilitate immediate XRP transactions through Ripple’s On-Demand Liquidity (ODL), thereby removing the necessity for lengthy and costly correspondent banking processes. The China Bank START app for mobile devices enables customers to easily initiate an OKS Account without a minimum deposit, as mentioned in the introduction.
Increasing Adoption of Blockchain-based Solutions
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QNB is Ripple’s key partner in the Middle East and North Africa. As part of its initiative to swiftly improve cross-border payment and remittance services, the bank announced its collaboration with Ripple in 2021.
The partnership between ChinaBank and QNB in implementing Ripple’s ODL further illustrates the rising acceptance of blockchain-based solutions within the overseas remittance sector.
Ripple’s On-Demand Liquidity (ODL) technology enables immediate international transactions using digital assets such as XRP. To utilize this service, one must first convert their funds into XRP, and then use that XRP to acquire any required currency.
By employing this method, both time and costs can be reduced by avoiding the lengthy and expensive process of establishing conventional correspondent banking relationships. Compared to traditional cross-border payment methods, ODL presents a more efficient alternative in terms of time and cost.
Numerous countries have already implemented Ripple’s ODL to improve financial transactions. The Japanese market for the payment platform was opened in 2021. When ODL was first introduced in Japan, Ripple anticipated it would help accelerate the adoption of the technology.
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