In brief
- Ripple has added digital money transfer service Azimo as a RippleNet partner.
- Azimo will initially use XRP for cross-border transfers for the Philippines.
- Ripple is regularly adding international payments partners to RippleNet, with a strong focus on the US-Mexico market.
Ripple has added yet another cross-border remittances partner to its network via a newly-announced agreement with European digital money transfer service, Azimo.
The partnership will initially be focused on the Philippines via Ripple’s On-Demand Liquidity (ODL) service, with the company promising faster and cheaper payments across international borders using XRP cryptocurrency. The Philippines received $34 billion in international remittances in 2018, making it a top such destination for cross-border payments, according to Azimo.
Azimo, which is based in London, Poland, and the Netherlands, plans to expand its use of Ripple into other markets later this year. The company currently serves more than 200 countries and territories with global payment services, according to the firm’s website.
“We've been interested for a long time in the potential of digital assets like XRP to make cross-border payments better for customers,” said Azimo CEO Richard Ambrose, in a release. "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.”
Ripple has continually expanded its reach into international markets via similar partnerships elsewhere. Earlier this month, Ripple inked a deal with Egypt’s largest state-owned bank, the National Bank of Egypt, as well as Mexican remittance provider Intermex. Recently, Ripple announced that it serviced $54 million in XRP payments from the United States to Mexico during the first week of February alone.
The company has enlisted more than 300 banks and financial institutions to date for its RippleNet network of partners, with the On-Demand Liquidity service currently available in the United States, Mexico, Europe, Australia, and the Philippines. Further expansion of ODL into APAC, EMEA, and Latin American countries is planned in 2020.