Money transfer outfit Azimo is tapping Ripple's On-Demand Liquidity (ODL) offering for faster, cheaper cross-border payments.

Initially for remittance payments to the Philippines, with other destinations set to follow, the service uses the XRP digital asset to slash liquidity costs.



Richard Ambrose, CEO, Azimo, says: "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."



Marcus Treacher, SVP, customer success, Ripple, adds: "Azimo is challenging the status quo by leveraging RippleNet with ODL to provide fast, low-cost, reliable and easy payments for its customers worldwide."