Ripple has reportedly partnered with Azimo, one of the largest money transfer services in Europe. This could mean that both Ripple and Azimo are planning to take over the large market for remittances in the United States. Ripple has already invested in services to capture other global remittance markets, namely the MENA region.
Azimo chief Richard Ambrose has praised Ripple’s efforts to reduce transaction costs and the efficient way in which the company operates. Ambrose noted that using the On-Demand Liquidity offered by Ripple, Azimo was able to save more than 50% of transaction costs everywhere.
At the moment, Azimo must pay for the use of Ripple’s transfer technology. Sources close to the company have stated that the payment was small compared to the capital saved during global transfers. Azimo has been interested in seeking ways to reduce transaction costs for developing regions such as Nigeria and wants to expand its services with Ripple’s support.