Ripple and Azimo Partner to Speed Up Cross-Border Payments Into the Philippines

  • Ripple Partners With Major European-Based Virtual Money Transfer Service Azimo For Easier International Payments To Philippines

Enterprise blockchain payments solutions provider, Ripple, revealed on Wednesday that it had inked a deal with a major European-based virtual money transfer services provider, Azimo. As per the announcement, Azimo has just rolled on Ripple’s On-Demand Liquidity (ODL) platform opening a corridor to the Philippines. The deal means that the London-based money remittance services firm will now use XRP as the bridge currency.

Ripple’s CEO, Brad Garlinghouse, has always maintained that only the digital assets which have a real use case are likely to survive in the long-run. He has also maintained that XRP aims at solving real-life issues.

The recent partnership with Azimo is a testament that XRP has multiple uses other than being a speculative virtual asset that has made the founders of Ripple labs extremely rich. According to Azimo’s CEO, Richard Ambrose, the ODL service has so far enabled them to save on money transfer costs. Ambrose explained that his firm was able to save about 30-50% of the money transfer costs on customers sending money from Europe to the Philippines. He stated:

“Ripple’s ODL solution has significantly reduced the cost and delivery time for cross-border transfers, and our customers are seeing the benefits.”

Ambrose also revealed that Ripple will pay his firm in order to offset the infrastructure expenses. Ripple also paid MoneyGram about $8.9 million last year in order for the firm to use the ODL platform to transfer money.

More Partnership Deals

Ripple also revealed that it had made more deals with South Korean-based remittance startups with the aim of enhancing the local cross-border money transfers industry. However, the startups will not use the ODL platform.

Azimo is the latest addition to a growing number of RippleNet members who include such firms as MoneyGram, FlashFX, and goLance. These firms use the XRP-based payment service for cross-border transfers.

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Joseph Kibe
Joseph Kibe
Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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