Uses digital asset XRP to deliver cross-border payments to top global remittance destination
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.”
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.
Azimo is a digital money transfer service, based in London and Krakow, whose mission is to be the better way to share money around the world, improving millions of people’s lives. Azimo’s apps and website are the fastest, easiest and best-value way to send money to over 200 countries and territories worldwide.
Ripple enables payments everywhere, every way, for everyone using the power of blockchain. By joining Ripple’s growing, global network (RippleNet), financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. 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.