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Peru’s Interbank set to use Ripple’s ODL for payment service

Tabassum Naiz

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Banco International del Peru which is famously known as Interbank announced its upcoming plan relating to Ripple’s product, On-demand liquidity (ODL).

Ripple’s ODL utilizes XRP to settle cross-border payment services and as per the latest report from Ripple, there are 24 out of 300+ customers signed up to use ODL. During Ripple’s Swell conference, Joisie Mantilla, Interbank’s blockchain specialist shared views about cryptocurrency and blockchain innovation on behalf of banks. Joisie elaborated it;

In Peru, we started thinking about cryptocurrencies when they first started appearing in the US. The bank has done a great job trying to attract talent that is really focused on innovation. And we have an innovation lab inside the bank, said Joisie. So we work as a team that is allowed to fail and try different things, and we started working with xCurrent in that way. And now, after a year of working with xCurrent, we have decided to move forward this year and use the cryptocurrency to do our transactions.

It’s worth noting that Bank has earlier used Ripple’s payment messaging system, dubbed, xCurrent. However, their latest announcement witnesses firm’s bullishness towards ODL, which was formerly known as xRapid. Notably, the Interbank counts among the largest banks in Peru, valuing $41 billion in total assets, per the details shared by Corporate Financial Institute (CFI).

According to Mantilla, payment firms in Latin America are widely looking to explore innovations on their cross-border payments. She went to say;

The need that we have found is both our products of either corporate payments or just remittances are outdated. We’re not being competitive in the market anymore. There are so many fintechs, especially coming from Brazil or from the US itself that are targeting Peru as one of their next steps to flourish.

Image Source – Flickr