London-based digital money transfer service Azimo join hands with Ripple for faster, cheaper cross-border payments

Based in London and Krakow, Azimo is a digital money transfer service, whose mission is to be the better way to share money around the world, improving millions of people’s lives. In the latest development, the company has partnered with Ripple, the enterprise blockchain solution for global payments. 

Notably, 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. 

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Richard Ambrose, CEO of Azimo:

We’ve been interested in 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 see 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.

ODL uses digital asset XRP and has the potential to reduce liquidity costs by up to 60% compared to traditional banking solutions. At present, 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. 

For the uninitiated, 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.

Marcus Treacher, SVP of Customer Success at Ripple, said:

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. Azimo is challenging the status quo by leveraging RippleNet with ODL to provide fast, low-cost, reliable and easy payments for its customers worldwide. 

Main image credits: Azimo

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