Ripple’s ODL corridor to Australia was tested for over a year before its CEO, Brad Garlinghouse announced the gateway will go live Via FlashFX, an Australian Exchange. However, the ODL service has been noting minimal transactions, pointing out that the corridor has not been activated yet.
Meanwhile, Flash FX expanded its ODL service to the Philippines and to Bitstamp for a different use-case. RippleNet that homes over 300 financial institutions helped the growing Flash FX exchange to connect with partners overseas including banks, and payment processors, noted Nicolas Steiger in an interview with Nugget news.
Comparing ODL transfers to a traditional system, Steiger noted traditional transfer resulted in slow results and more money. However, the adoption of this service among the users has been slow and many were still using Swift. The co-founder noted that even though ODL adoption might take some time, “Swift will always be there.”
Commenting on the adoption of ODL Steiger said:
“It’s not that overnight the banks will jump on this. There’s a risk appetite there is number of different things from a regulatory perspective that they can do but I think you know looking back the last 12-18 months it’s has improved continously.”
Even though the ODL platform is still in its testing phase, Flash FX planned to expand this service to Japan. Nicolas had previously talked about a new corridor that will be established in Japan by 2020 Q1. FlashFX might take this step with the help of SBI, RippleNet member in Japan.