Ripple is partnering with Azimo, a digital money transfer platform headquartered in London, to provide cross-border payments utilizing the digital asset XRP.
In a press release, Azimo says it has launched Ripple’s On-Demand Liquidity solution (ODL), which uses the cryptocurrency to power remittances.
Azimo says the service enables faster transactions and can potentially slash liquidity costs of cross-border payments by up to 60%.
According to Richard Ambrose, CEO of Azimo, the company is beginning its use of the liquidity solution in the Philippines.
”Ripple’s ODL solution has significantly reduced the cost and delivery time for cross-border transfers, and our customers are seeing the benefits.
As more banks and financial institutions use ODL, we believe it has the potential to replace current methods of foreign exchange trading and to reduce settlement time to close to zero.”
The Philippines is the fourth-largest hub for international remittances with $34 billion in incoming remittances in 2018.
Azimo currently services customers in 25 countries who send money to more than 200 countries and territories. The company says it will expand ODL to more markets later this year.