Ripple has announced a partnership with Payment company Azimo. The company is using Ripple’s On-Demand Liquidity (ODL) to facilitate payment to the Philippines which has the fourth-largest number of remittance recipients in the world.
CEO of Azimo, Richard Ambrose, speaking on the partnership said the company has always looked forward to making cross-border payments better for its clients.
“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,” he said.
Ripple’s ODL is a method of facilitating payment between traditional banks which uses XRP to provide liquidity. Through ODL, recipients of funds can receive payments in their local currencies in seconds. In addition to the ease of sending funds especially to countries with middle and low income, the service also cuts remittance costs by 60%, making it more affordable with greater value.
Also speaking, Ripple’s SVP of Customer Success, Marcus Teacher, 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.”
Ripple is a blockchain remittance company that has established itself as a formidable force in cross-border remittance. The speed of its settlements which is in seconds is making it a hotspot for remittance companies looking for speed and affordability for its customers.
The company uses its native token XRP to provide liquidity which allows for cheap funds transfer across borders. Its Headquarters are in San Francisco, with offices in Washington D.C., New York, London, Mumbai, Singapore, São Paulo, Reykjavik and Dubai, Ripple has more than 300 customers around the world.
With the partnership, those sending funds to the Philippines and the recipients can both heave a sigh of relief as they no longer need to wait for days before payments are processed at much higher costs.
Azimo is joining the list of Ripple’s over 300 clients who have millions of customers globally. These include Viamericas, FlashFX and goLance and corridors in USD-MXN, USD-PHP, AUD-USD and PHP, and from EUR-USD with plans to open more corridors across APAC, EMEA and LATAM this year.