Azimo to work alongside dLocal for payments service

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and FXC Intelligence and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors.… Read more
  • Azimo, which is one of the most famous names in the online money transfer industry, will work with dLocal to assist those looking to send money home to South American countries such as Colombia.
  • Levels of bureaucracy associated with the sending of money are expected to go down as a result of the move, and transactions are expected to be sped up.
  • A senior figure at Azimo grounded the news in the context of economic and political developments in the region and also further afield, arguing that the company was responding to customer needs.

Online money transfer platform Azimo has revealed a new pairing with a local cross-border payments provider in South America.

Azimo said that it will work alongside dLocal to improve the payments offering available to people in South American countries.

The move means that people who have moved abroad to work or live in places such as Australia or the EU will now be able to send money abroad to a wide range of Colombian financial institutions.

Various banks are on the list, including big names such as Banco de Bogotá.

Davivienda and Banco de Occidente are also represented.

Lots of benefits associated with the new service were identified by Azimo.

One was that transactions will now be processed much more quickly than before.

For instance, it will be possible for a money transfer placed before 1pm (in the GMT timezone) to reach the destination bank account on that day.

The move is also expected to reduce bureaucracy levels in the process.

Customers will need to fill out fewer pieces of paperwork than before, and the whole process is expected to be smoother.

In a statement, Azimo’s chief operating officer Dora Ziambra pointed out that Colombia’s remittance corridors were interesting.

She pointed out that the situation was complicated by the political and economic situation in Venezuela.

“Remittances to Colombia have been boosted as much by emigration from Colombia to Europe as by immigration from Venezuela to Colombia,” she said.

“Many Venezuelans in Europe are now sending money to their families in Colombia instead of their country of origin. We are also seeing continued growth from our main sending markets (France, Spain and Germany) to Colombia,” she said.

She went on to point out that Azimo was reflecting this complexity in the offer it makes to its customers.

“As geo-politics continues to reshape the global economy, money transfer services like Azimo need to be as flexible as their customers,” she said.

“That means faster, cheaper services that work irrespective of national borders.” she added.

Azimo is notable for being one of only a small number of European financial technology companies to become profitable in recent years.

It launched in Australia last month as part of a push towards global expansion.

Do you want to uncover more information about the inner workings of the online money transfer markets?

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