Azimo Taps Ripple’s On-Demand Liquidity and XRP for Remittances in the Philippines
Azimo, a London-based online remittance platform has joined forces with Ripple blockchain project, in a bid to leverage the latter’s XRP-powered on-demand liquidity (ODL) solution for faster, cheaper cross-border payments to the Philippines, according to a press release on February 26, 2020.
Azimo Adopts Ripple’s XRP
Whilst Ripple’s RippleNet blockchain solution is currently being used by more than 300 financial institutions around the world for cheap and superfast cross-border payments, the XRP altcoin is yet to attain a significant level of adoption. However, it appears Ripple is set to change that narrative through its partnership with Azimo.
As stated in its press release, Azimo, Europe’s leading online remittance service provider established in 2012, has inked a deal with Brad Garlinhouse’s Ripple, to enable it to leverage the latter’s On-Demand Liquidity Solution (ODL) to facilitate faster and cheaper cross border payments to the Philippines.
Ripple’s ODL solution is powered by XRP and the firm claims it helps users to fasten their transactions and reduce liquidity costs by up to 60 percent compared to traditional banking solutions.
According to a World Bank report released in April 2019, the Philippines is among the top remittance destinations in the world, receiving $34 billion in 2018 alone.
Azimo Saving Costs with XRP
Commenting on Azimo’s integration of the XRP-powered ODL solution into its processes, Richard Ambrose, CEO of Azimo reiterated that the firm has been looking to tap the potential of XRP to offer clients better services for quite a long time and that dream has finally come to fruition.
“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 drastically 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 could potentially replace current methods of foreign exchange trading and to reduce settlement time to close to zero.”
In an interview with Fortune, Ambrose also claims that Azimo has been able to reduce liquidity costs by 30 to 50 percent when facilitating cross border transfers between customers in the Philippines and those in the United Kingdom and Europe.
Ripple says its ODL solution is currently commercially available in the U.S., Mexico, Europe, Australia, and the Philippines. The firm plans to expand the solution to more regions including Latin America, Asia Pacific (APAC) and EMEA this year.
In related news, BTCManager informed on February 26, 2020, that three more fintech startups in South Korea, including Sentbe, WireBarley, and Hanpass, have joined RippleNet.