This episode of The Ripple Drop will get you on the ground at Swell 2019 in Singapore. We spoke to RippleNet clients including goLance CEO Michael Brooks about the impact of on-demand liquidity on their business. In addition, Celent Sr. Analyst for Corporate Banking Alenka Grealish revealed the results of the Blockchain in Payments Report 2019.
Swell 2019: On-Demand Liquidity is a Game Changer
RippleNet customers from key corridors around the world attended Swell 2019 in November. Ripple’s SVP for Customer Success Marcus Treacher stated that customers are excited about using on-demand liquidity (ODL) to eliminate pre-funded accounts using the XRP digital asset.
After starting ODL at Swell 2018, RippleNet saw enormous growth and customer interest in the service. In 2019 there were more than 7x transactions in the network with ODL from Q1 to the end of October.
For early adopters like goLance’s founder and CEO Michael Brooks, the value of ODL was obvious. Brooks took the stage during the event for a panel on the impact of ODL and discussed why his company’s ODL freelance network depends on RippleNet.
“RippleNet has been great because it helps us pay faster on some of the most challenging corridors that offer the greatest opportunities, like the Philippines,” said Brooks. “If we have to pay 5,000 people, we have 5,000 people who need that money right away. Working with Ripple has helped us deliver payments faster and without the weekend restrictions and that has really had a positive impact on our business. “
The flywheel set in motion: Blockchain 2019 in the payment report
The second annual Blockchain in Payments report was released during Swell 2019. His results showed that financial services providers have widespread blockchain-based payments.
Alenka Grealish, senior analyst for corporate banking at Celent, said the results showed that banks and payment providers had already made the leap into blockchain technology.
“If you look at adoption as a bell curve, you have innovators, early adopters, early majority, late majority and laggards. The hardest point is transitioning early adopters to early majority,” said Grealish. “At 35% of respondents, who say they are in the process of implementing, we have bridged the gap. “
Grealish explained that a heavy industry flywheel takes a tremendous amount of energy to complete its first turn. The value of technology to users has driven the industry to adoption and turned the wheel.
“We saw that first spin and now we see the flywheel set in motion,” said Grealish. “And that includes easy implementation, regulatory clarity and possibly a boost from digital assets.”
If you missed any of our Swell 2019 content, you can register here to view all of the full sessions. And if you’ve missed previous episodes of The Ripple Drop, catch up with us on Youtube.