Blockchain Firm Ripple Teams With Digital Money Transfer Service Azimo

News | February 27, 2020 By:

Digital money transfer service Azimo has partnered with blockchain firm Ripple to deliver faster, cheaper payments to the Philippines.

Based in London and Krakow, Azimo offers money transfers to more than 200 receiving countries in over 80 different currencies. The company has half a million customers connected to its platform and offers more than 270,000 cash pick-up locations globally.

Ripple enables payments everywhere, every way, for everyone using the power of blockchain. Ripple purports to enable “secure, instantly and nearly free global financial transactions of any size with no chargebacks.” With offices in San Francisco, Washington D.C., New York, London, Mumbai, Singapore, São Paulo, Reykjavik and Dubai, Ripple has more than 300 customers around the world.

In a press release, Azimo said that it has adopted Ripple’s On-Demand Liquidity (ODL) product, a solution making use of XRP, to send faster and cheaper cross-border payments to the Philippines, one of the top remittance destinations globally, receiving $34 billion in 2018. The new ODL-based service, which uses the digital asset XRP and has the potential to reduce liquidity costs by up to 60% compared to traditional banking solutions, will reportedly be expanded to more markets in 2020.

“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.”