For Ripple and XRP it goes into the next round. The US-based Fintech company, which wants to revolutionize global payment traffic, announced a few days ago a partnership with a European payment service provider that wants to use on-demand liquidity (ODL) with XRP for its payment corridors.
In this article we take a closer look at Ripple’s new partnership and go into Weiss Rating’s statement in more detail.
Ripple works with Azimo for ODL
On Wednesday Ripple officially announced its partnership with the European payment service provider Azimo. Most people will probably hear this name for the first time, so here is a short description of Azimo. The company was founded in 2012 and has its headquarters in London. Azimo now supports 195 countries and 80 different FIAT currencies. The focus is on the remissen markets, with Asia at the top. In 2016 the company was able to secure over 31 million in two funding rounds. The Japanese e-commerce giant Rakuten is also one of the investors.
The company has already integrated ODL with XRP and uses it for the payment corridor with the Philippines. Azimo plans to set up further corridors with XRP this year. Richard Ambrose, CEO of Azimo, said in this context
We have long been interested in the potential of digital assets like XRP to make cross-border payments better for customers. Ripple’s ODL solution has significantly reduced the cost and time of cross-border transfers, and our customers see the benefits.
More and more companies use ODL with XRP. Currently, 12 companies are among the ODL users, including MoneyGram, goLance, TransferGo. This clearly shows that companies are already showing a growing interest in the payment solution with XRP as a bridge currency.