Ripple launch ODL in the Middle East and North Africa (MeNa)

Blockchain-based digital payment network and protocol, Ripple has announced  the launch of the first in-market On-Demand Liquidity (ODL) deployment in the Middle East and North Africa.

According to ripple,

“(We are) continuing contribution to this hotbed of fintech innovation with the first ever in-market On-Demand Liquidity (ODL) deployment in the Middle East. Through a partnership with international blockchain-based financial services company Pyypl, the two will bring instant, low-cost remittances to the area, starting with the UAE.” 

What does ODL mean for customer, ODL is simply Faster, Cheaper cost of Remittances. According to ripple,


Using ODL and leveraging XRP, Pyypl will provide instant, low-cost remittance options for people sending money into and out of the region (note: XRP will not be held within the UAE and transactions will not involve the currency AED as part of the payment flow). This is part of Pyypl’s larger mission to enable digital payments for the one billion financially underserved smartphone users in the Middle East and Africa at large.

Ripple partners, Pyypl will also use ODL to eliminate the need for the costly pre-funded accounts normally required in traditional cross-border payments.