Ripple, the enterprise blockchain solution for global payments, has announced that it has partnered with Azimo, Europe’s leading digital money transfer service.
Thrilled to announce that we have partnered with @Azimo to deliver faster, cheaper payments through #ODL. https://t.co/iC5dpOlzbh
— Ripple (@Ripple) February 26, 2020
Azimo implements Ripple for payment
Azimo’s remittance platform is used by over a million customers who can send money from 25 countries to more than 200 countries and territories worldwide. Based in England, Poland, and the Netherlands, it offers customers a faster, cheaper way to send money worldwide.
Azimo launched the first service to use Ripple’s On-Demand Liquidity (ODL) solution to send faster and cheaper cross-border payments to the Philippines. At the same time, the company plans to expand into more markets by 2020. The Philippines is one of the leading remittance destinations globally. According to the World Bank, the Philippines is the fourth-largest recipient of money from migrant workers, averaging $ 34 billion in remittances in 2018. Through this partnership, Azimo is seizing the opportunity to provide remitters a better solution to send money into this area.
ODL uses XRP digital assets and is capable of reducing liquidity costs by up to 60% compared to traditional banking solutions.
Richard Ambrose, CEO of Azimo, said:
“For a long time, we have been interested in the potential of digital assets like XRP to help better cross-border payments for customers. On-Demand Liquidity (ODL) will significantly reduce costs and delivery time for cross-border money transfers When many banks and financial institutions use ODL, and we believe it has the potential to replace existing forex methods and reduce time. pay close to 0.”
Richard Ambrose, CEO of Azimo
Marcus Treacher, SVP of Customer Success at Ripple, said:
“It’s of the utmost importance to partner with companies who share the same vision and passion for changing the way that money moves around the world today.”
Marcus Treacher, SVP of Customer Success at Ripple
Initially, for payment to transfer money to the Philippines, with other destinations set to follow, the service used XRP digital assets to cut liquidity costs.
Dozens of RippleNet customers are leveraging ODL for faster cross-border payments, including Viamericas, FlashFX, and goLance. The service is currently available in corridors, including USD-MXN, USD-PHP, AUD-USD, and PHP, and from EUR-USD with plans to open additional corridors across APAC, EMEA, and LATAM by 2020.
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