The company is already leveraging Ripple’s On-Demand Liquidity (ODL) service as part of its remittance capability into the Philippines. According to the report, it will also extend its reach to some other corridors this year.
The digital token XRP is used by ODL as a bridge between two currencies in a matter of seconds. This makes payments settle as fast as possible in local currency on either side of the transaction.
Moreover, ODL has the capability to reduce liquidity costs by up to 60%, unlike the traditional banking system.
The CEO of Azimo, Richard Ambrose shared that the company has had an interest in the use cases of XRP a long time ago.
He 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 partnership with Azimo is a step in the right direction to bring about solutions to challenges with slow and expensive payments.
This collaboration will also grant Azimo the means to provide remitters with a more reliable solution to send money to the Philippines.
Obviously, Ripple’s ODL is basically serving the purpose of its emergence. It keeps enabling financial institutions to process cross-border payments in a matter of seconds. This functionality alone is enough to draw more suitors to test the Ripple’s payment solution.
Azimo now joins over 300 Ripple’s customers across the world. Money can now be sent between families and friends across with globe the available and reliable solution via the existing partnerships.