European money transfer firm Azimo now uses XRP to settle select remittances

Ripple has announced a new partnership with European money transfer firm Azimo.

Azimo will utilize Ripple’s On-Demand Liquidity (ODL) solution, which leverages XRP, to settle cross-border payments into The Philippines. ODL is part of RippleNet.

“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,” said Richard Ambrose, CEO of Azimo.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Ripple said ODL helps settle two currencies “within seconds” and has the potential to reduce liquidity costs by up to 60% compared to traditional banking solutions.

Looking ahead, Azimo plans to expand the use of ODL across more corridors this year.

Earlier this month, Nasdaq-listed remittance firm International Money Express (Intermex) also started using ODL. The solution was launched in October 2018, and currently supports Mexico, the Philippines, and Australia markets. Support for Brazil is “coming soon,” as well as additional corridors across Asia-Pacific (APAC), Europe, Middle-East and Africa (EMEA) and Latin America (LatAm) are in progress for this year, Ripple said recently.

TAGS
XRP

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.