Ripple announced a new partnership with Azimo to provide faster and cheaper payments in the Philippines.
Azimo is a digital money transfer service, based in the UK, Poland and the Netherlands, which allows sending money to over 200 countries worldwide. It is used by more than one million customers.
With Ripple’s On-Demand Liquidity (ODL) solution, it has launched its first service for sending fast and inexpensive cross-border payments to the Philippines with a plan to expand into other markets in 2020.
The Philippines is a major global remittance destination, with approximately $34 billion received in 2018, hence it was not chosen at random to be the first market in which to test this new service.
ODL uses XRP, with the goal of reducing costs by up to 60% compared to traditional banking solutions, and is part of RippleNet, Ripple’s global blockchain-based payments network.
ODL is currently available in the USA, Mexico, Australia, the Eurozone and the Philippines.
The CEO of Azimo, Richard Ambrose, said:
“We’ve been interested for a long time in the potential of digital assets like XRP to make cross-border payments better for customers. Ripple’s ODL solution has significantly reduced the cost and delivery time for cross-border transfers, and our customers are seeing the benefits. As more banks and financial institutions use ODL, we believe it has the potential to replace current methods of foreign exchange trading and to reduce settlement time to close to zero”.
Ripple’s SVP of Customer Success, Marcus Treacher, added:
“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. Azimo is challenging the status quo by leveraging RippleNet with ODL to provide fast, low-cost, reliable and easy payments for its customers worldwide”.