Ripple, a provider of enterprise blockchain solutions for payments, announced on Wednesday it has formed a new partnership with European digital money transfer service, Azimo. According to Ripple, Azimo has launched with Ripple’s On-Demand Liquidity (ODL) service as part of its remittance capabilities in The Philippines, with plans to expand the use of ODL across more corridors later this year.
“In partnership with Azimo and Ripple’s 300+ customers worldwide, loved ones are able to quickly send money home to all corners of the world. Taken together, the benefits of speed, cost and certainty allow those leveraging ODL to compete more effectively and provide their customers with a faster and more reliable way of sending money home.”
While sharing more details about the partnership with Azimo, Richard Ambrose, CEO of Azimo, stated:
“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.”
Ripple also revealed that ODL leverages the digital asset XRP to bridge two currencies within seconds, ensuring payments are quickly sent and received in local currency on either side of a transaction. The blockchain solutions provider further observed that ODL has the potential to reduce liquidity costs by up to 60% compared to traditional banking solutions, guaranteeing some of the most competitive FX rates available. Ripple added:
“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 for additional corridors opening across APAC, EMEA and LATAM in 2020.”