Ripple announces new partnership with Azimo. The goal is to provide faster and cheaper payments in the Philippines.
Azimo provides digital money transfer services. Located in the United Kingdom, Poland and the Netherlands. Azimo allows you to send money to more than 200 countries around the world. More than a million customers use the company’s services.
Thanks to the Ripple On-Demand Liquidity (ODL) solution, the company launched its first service for fast and cheap cross-border transfers to the Philippines. The plans also include expansion and access to other markets as early as 2020.
The Philippines is one of the main remittance destinations worldwide. For 2018 alone, the company’s revenue was about $ 34 billion. Thus, the company was not chosen by chance as the leader of the new market. It is she who will test and use the new service.
ODL uses Ripple XRP, where one of the goals is to reduce costs by up to 60%. The traditional banking system is much inferior to new Ripple technologies. ODL is an integral part of RippleNet, Ripple’s global blockchain-based payment network.
ODL is currently available in the United States, Mexico, Australia, the Eurozone, and the Philippines.
Azimo CEO Richard Ambrose said:
“We have long been interested in the potential of digital assets such as Ripple XRP. Our goal is to improve cross-border customer payments.
Ripple’s ODL solution has significantly reduced the cost and timing of cross-border payments. Our customers benefit from this.
More and more banks and financial institutions are using ODL. Thus, we believe that it is also able to replace existing methods of exchange trading and reduce the settlement time to almost zero. ”
Market Trader, Ripple Account Manager, added:
“It is extremely important to work with companies that share the same vision and desire as we do. Our goal is to change the movement of money around the world. Azimo challenges the current state of affairs using RippleNet. Thanks to ODL, they provide fast, cheap and reliable payments and transfers to their customers around the world. ”