The partnership is expected to solve the challenges with slow and expensive cross-border payments
Ripple entered into a partnership with European digital money transfer service Azimo. The company will begin using Ripple’s On-Demand Liquidity (ODL) service for transfers to the Philippines, with further expansion across more corridors this year.
ODL uses the digital asset XRP to bridge 2 currencies within seconds. What is more, the service ensuring payments are quickly sent and received in local currency on either side of a transaction.
The data reveals that the Philippines is the fourth-largest recipient of remittances from migrant workers, averaging $34 billion remittance flows in 2018. Within the partnership, Azimo provides remitters with a better solution to send money into this region.