Ripple Labs Inc. has announced a partnership with Europe-based digital payment transfer service provider Azimo to pilot faster payment into The Philippines.
According to Ripple, the firm has launched with Ripple’s On-Demand Liquidity (ODL) service, a remittance tool making use of XRP token, as one of its key remittance tool into The Philippines, and the firm is planning to expand the use of ODL into more corridors this year.
The Ripple ODL makes use of XRP as a bridge between two currencies. The service makes sure funds are sent as fast as possible.
Also, Ripple’s ODL, which is being used by big firms like MoneyGram, has the capacity to lower the liquidity costs by up to 60% when related with traditional banking solutions.
On the partnership, Richard Ambrose, CEO of Azimo, said “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.”
According to Ripple, the collaboration indicates that a solution to the expensive cross-border payments has been achieved. Firms like Viamericas, FlashFX and goLance among others are making use of Ripple’s ODL.
The Philippines, where Ripple is starting to have a solid partnership base, received an average of $34 billion remittance flows in 2018.
Azimo is headquartered in London, with base in Poland. The firm has received funding from Japan’s Rakuten Capital, eVentures, Greycroft and Frog Capital.