Ripple partnered with European money transfer service

The partnership is expected to solve the challenges with slow and expensive cross-border payments

Azimo

Ripple partnered with European money transfer service. Source: shutterstock.com

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.

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
Richard Ambrose, CEO of Azimo

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.

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