Ripple Partners With Tranglo On Real-Time Cross-Border Payments

March 2, 2022 11:43 am

Tranglo has recently announced that it will be partnering with Ripple in order to take advantage of Ripple’s on-demand liquidity service (ODL) which will allow it to do real time cross-border payments across 25 different payment corridors.

Ripple’s on-demand liquidity is a feature of RippleNet which utilizes Ripple’s native token XRP to facilitate all transactions between currencies.

Users of Ripple’s network will be able to avoid having to prefund accounts and reduce costs that are typically associated with such operations.

Tranglo Group CEO, Jacky Lee, has stated that the company’s clients main demand is to be able to enter markets in the fastest way possible at the cheapest cost and Ripple satisfied that use case perfectly.

PYMNTS reports:

“Our remittance partners want to enter markets as fast as possible at the lowest cost. ODL offers just that: they can start sending payments without locking in funds at different financial intermediaries, which can be costly and time-consuming,” Tranglo Group CEO Jacky Lee said in a press release on Tuesday (March 1).

“Remittance businesses that sign up for ODL also gain access to both Tranglo Connect and RippleNet, allowing them to better meet increasingly diverse payment needs,” Lee added.

The move follows Tranglo’s ODL pilot in September 2021, which processed 250,000 transactions totaling $48 million in the initial 100 days.

ODL transactions via RippleNet originate from markets including Australia, Japan, the Philippines and Singapore, with additional markets being added.

The company Tranglo primarily focuses its business on allow businesses to make payments through its own proprietary payment tool called Tranglo Connect.

With this new partnership with Ripple, its payment service will be able to be improved by always having the liquidity that is needed, having faster speed, and doing the transactions at lower costs.

For Ripple, this partnership is also beneficial as Tranglo is already integrated with many partner services and provides payment services in a large number of countries while handling significant payment volume.

Yahoo reports:

Tranglo is a cross-border payment hub with a proven track record in business payment, foreign remittance and mobile payment solutions.

Founded in 2008, we have offices in Kuala LumpurSingaporeJakartaDubai and London.

Our global network spans more than 100 countries, 2,500 mobile operators, 1,300 banks/wallets and 130,000 cash pickup points.

Tranglo is a proud partner of Ripple, the leading enterprise blockchain solutions for global payments. We now offer enhanced cross-border payout services with an even wider coverage through RippleNet, Ripple’s global payment network.

Investors and industry analysts expect Ripple to continue to be the preferred choice for financial institutions and enterprises as it continues to get more mainstream adoption.

The company has recently achieved a record $15 billion valuation despite the ongoing lawsuit by the SEC.

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