Azimo, a European digital money transfer service operator (MTO), announced 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. With remittances being one of the drivers of the Philippine economy, we are especially excited to see blockchain and digital assets being used to accelerate efficiency in the remittance process. Together with Azimo, we’re empowering the Philippines’ overseas unsung heroes – hardworking men and women who frequently send money to their loved ones to ensure their families’ needs are addressed.”
Azimo’s money transfer platform is used by more than a million customers, who can send money from 25 countries to more than 200 countries and territories worldwide. Based in the UK, Poland and the Netherlands, it offers customers a faster, cheaper way to send money around the world.
RippleNet, Ripple’s global blockchain payments network, makes it easy for its diverse network of financial institutions worldwide to enable faster, lower-cost payments around the world. Ripple has 300+ customers in more than 45 countries and 6 continents, with payout capabilities in 70+ countries. ODL is commercially available in the U.S., Mexico, Australia, Europe (Euro) and the Philippines, with plans to expand across APAC, EMEA and LATAM in 2020.
Re-disseminated by The Asian Banker