Banking News

Ripple signs European money transfer firm Azimo, will use XRP

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Today blockchain payments firm Ripple announced that money transfer company Azimo has adopted Ripple’s On-Demand Liquidity solution (ODL) which uses the XRP cryptocurrency. The company will use XRP for transfers to the Philippines with plans to expand ODL to other markets in the future.

Azimo is based in the UK, Poland and the Netherlands and to date more than a million customers have used its platform. In 2019 it ranked in the Sunday Times Tech Track 100 fastest growing UK companies. It made the list after experiencing an average revenue growth rate of 72.44% over three years.

Although its 2018 revenues were just £10.8 million ($14m), in 2019 it processed more than $1 billion in transfers.

Three weeks ago the money transfer company secured €20 million ($22m) in venture debt financing from the European Investment Bank (EIB).

“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 Richard Ambrose, CEO of Azimo. ”Ripple’s ODL solution has significantly reduced the cost and delivery time for cross-border transfers, and our customers are seeing the benefits.”

He continued: “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.”

One of the larger banks that uses RippleNet previously told Ledger Insights they had no intention of using ODL.

According to recent Ripple announcements more than 300 companies use RippleNet, with 24 using the ODL solution. The majority of ODL users seem to be money transfer companies.

Ripple recently completed a $200 million funding round.