Azimo and Ripple Teams Up for Cross Border Remittance to The Philippinesby Fintech News Philippines February 27, 2020
Azimo, a European based money transfer service, announced today that it has partnered with Ripple, the enterprise blockchain solution for global payments.
Azimo has launched its first service using Ripple’s On-Demand Liquidity solution (ODL) to send faster and cheaper cross-border payments to the Philippines, with plans to expand to more markets in 2020. The Philippines is one of the top remittance destinations globally, receiving $34 billion in 2018.
ODL uses the digital asset XRP and has the potential to reduce liquidity costs by up to 60% compared to traditional banking solutions.
“We’ve been interested for a long time in the potential of digital assets like XRP to make cross-border payments better for customers,”
said Richard Ambrose, CEO of Azimo.
”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.”
“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,”
said Marcus Treacher, SVP of Customer Success at Ripple.
“Azimo is challenging the status quo by leveraging RippleNet with ODL to provide fast, low-cost, reliable and easy payments for its customers worldwide.”