The partnership is expected to solve the challenges with slow and expensive cross-border payments

Ripple partnered with European money transfer service. Source: shutterstock.com

Ripple entered into a partnership with European digital money transfer service Azimo. The company will begin using Ripple’s On-Demand Liquidity (ODL) service for transfers to the Philippines, with further expansion across more corridors this year.

ODL uses the digital asset XRP to bridge 2 currencies within seconds. What is more, the service ensuring payments are quickly sent and received in local currency on either side of a transaction.

The data reveals that the Philippines is the fourth-largest recipient of remittances from migrant workers, averaging $34 billion remittance flows in 2018. Within the partnership, Azimo provides remitters with a better solution to send money into this region.

SEE ALSO:

• Crypto guidebook: unusual places where you can pay with BTC
• Blockchain for the banking industry: is the future already written?
• Altcoin trading: pros, cons and most popular platforms