- 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.