According to the announcement, 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 XRP and has the potential to reduce liquidity costs by up to 60% compared to traditional banking solutions.
Dozens of RippleNet customers are leveraging ODL for faster cross-border payments including Viamericas, FlashFX and goLance. The service is currently available in corridors including USD-MXN, USD-PHP, AUD-USD and PHP, and from EUR-USD with plans for additional corridors opening across APAC, EMEA and LATAM 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.”
Ambrose told Fintech Futures that the integration between Azimo and Ripple lasted “between four and six months”, with the solution live for around one month already. What’s more, Ambrose believes the solution can be easily implemented in other markets.
Ambrose told Fortune that his company will be paid by Ripple, but that the money is to offset the technology investments it must make for its infrastructure.
“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.”
It is worth noting that Azimo had attended Swell in Singapore, back in November 2019.
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.