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.
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.