Ripple ODL-Based FlashFX Service to Enable Instant Deposits for Australian Bitstamp Users

FlashFX announced a new Ripple On-Demand Liquidity (ODL) corridor that will enable Australian users to deposit US dollars into their Bitstamp accounts instantly.

The new ODL corridor will allow FlashFX users to buy Bitcoin and other cryptocurrencies that are supported by the Bitstamp crypto-exchange. 

New FlashFX Product Offering Leverages the Ripple ODL Service

FlashFX was the first digital currency transfer service in Australia to be licensed by the Australian Financial Services License (AFSL) by the Australian Securities and Investments Commission (ASIC).

The new FlashFX product offering will allow its users to experience the true power of Ripple. This new product is projected to allow users to deposit USD in their Bitstamp accounts in minutes rather than in days. FlashFX stated: 

“By leveraging Ripple’s On-Demand Liquidity service and FlashFX’s Fast Payment method using NPP (new payment platform), our users can now enjoy instant transfers and funding of their Bitstamp account, directly in USD.”

FlashFX users in Australia that were using Swift transfer services which involve traditional payment methods by another payment service or a bank will no longer have to wait for days: 

“FlashFX’ service uses XRP to bridge AUD & USD currencies in seconds. FlashFX will deliver your USD to your Bitstamp account in minutes, and you can enjoy unlimited USD Bitstamp liquidity for your AUD/USD transfers.”

Ripple ODL is Responsible for Boosting Adoption of RippleNet

Ripples’ new ODL partnership with FlashFX in Australia is the latest in a growing number of financial services providers who have lined up to use Ripple ODL. The product, which was unveiled last year, has contributed tremendously to the growth of RippleNet. Ripple recently announced it has now gained over 300 hundred customers on the RippleNet:

“In less than a year since the commercialization of ODL, we have seen tremendous growth and customer interest with two dozen customers signed on to use the product. Some of the notable customers committed to using ODL include MoneyGram, goLance, Viamericas, FlashFX, and Interbank Peru.”

Ripple and FlashFX first partnered in 2016 to make the foreign remittances as simple as transmitting an email. On the announcement, Ripple stated: 

“Built on Ripple and using its digital currency XRP for liquidity, FlashFX delivers transparency, near real-time settlement and transactional control to users, while cutting the cost of cross-border payments.”

The Concept Of The On-Demand Liquidity; How Does It Work?

Ripple uses the power of blockchain technology to provide a single and frictionless process of sending money anywhere in the world. It is the go-to choice for venture capital firms that are recognized globally. 

The global Ripple network, RippleNet, allows financial institutions that are part of it to instantly, reliably, and cost-effectively process customer payments anywhere in the world. It also allows them to use XRP to reduce transaction costs reduction further and gain access to market access. 

The On-Demand Liquidity allows RippleNet users to instantly bridge two currencies to ensure that payments can be made in local currencies on both sides of a transaction. It eliminates the necessity of pre-funded accounts, along with their extra costs and time of delay. 

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