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European money transfer company Azimo is currently using XRP to transfer money across borders

European money transfer company Azimo is currently using XRP for cross-border money transfer

Ripple has just announced a new partnership with European money transfer company Azimo.

Azimo will use Ripple's On-Demand Liquidation (ODL) solution – the solution uses XRP, to address cross-border payments into the Philippines. ODL is part of RippleNet.

"We have been following for a long time the potential of digital assets like XRP to make international payments better for our customers. Ripple's ODL solution has significantly reduced the cost and transaction time for cross-border money transfers and our customers are seeing that benefit, "revealed Richard Ambrose, CEO of Azimo.

Ripple said ODL helps solve two currencies in just “a few seconds” and is able to reduce liquidity costs by up to 60% compared to traditional bank solutions.

In the future, Azimo plans to expand the use of ODL on more corridors this year.

Earlier this month, International Money Express (Intermex) – a money transfer company listed on Nasdaq, also started using Ripple's ODL. This solution was launched in October 2019, and currently supports markets in Mexico, Philippines and Australia. Brazil is also preparing to receive support, as well as additional corridors across Asia-Pacific, Europe, the Middle East, Africa and Latin America being deployed this year, Ripple said.

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According to The Block
Translated by ToiYeuBitcoin

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