Ripple ODL in action is a highly reliable technology for financial transfers. This has been proven more than once by a number of experts. Also about the effectiveness of Ripple ODL and say the leaders of companies working with Ripple and using ODL. So, FlashFX CEO Nicholas Steiger spoke about growth, end-user integration, and Ripple ODL overall.
Ripple ODL in action: FlashFX chapter statement details
FlashFX CEO Nicholas Steiger spoke about growth, end-user integration and the internal workings of Ripple ODL technology. Overall, the FlashFX executive said Australia is expected to see significant Ripple ODL growth. Currently, FlashFX sends money mainly along the corridors along the Australian-Philippine corridor and the Australian-American. They also serve as the endpoint for real-time payment processing on the new Australian platform and expect volume growth thanks to this feature with RippleNet support.
To grow in Australia, FlashFX expects to increase its market share at the expense of existing banks. This is the only licensed entity in Australia on RippleNet, and Nicholas Steiger believes that Australian banks will not use the Ripple ODL yet due to some issues. FlashFX connects to any available Ripple ODL endpoint and expects transactions with 3-5 additional RippleNet members in the first quarter and even more in the second quarter of 2020.
Regarding the available Ripple ODL endpoints, Nicholas Steiger considers it possible to have up to 20 endpoints by the end of the year. At present, there are five of them with five corridors, respectively. With 5 endpoints in theory, there can be 10 bidirectional corridors. By the end of 2020, 20 endpoints in different currencies will be translated into 190 possible corridors. It should also be noted that it is currently not possible to make payments from RippleNet to a local point in the United States.
Each ODL transaction “stops” when a US dollar is available in Bitstamp. To distribute Ripple ODL payments to traditional local locations (such as bank accounts), an institution must be licensed in each state in the United States. Nicholas Steiger believes that this problem can be solved in the near future. Later in the first quarter, a new partner will emerge that will provide tremendous growth and flow into the Australian-Philippine Ripple ODL corridor.