Tranglo is teaming up with Ripple to tap its on-demand liquidity (ODL) service across its 25 payment corridors and enable remittance providers to process real-time cross-border payments without having to pre-fund.
Ripple’s ODL operates across Ripple’s global financial network RippleNet and leverages the digital asset XRP to serve as a bridge between two currencies. Users eliminate pre-funding of destination accounts, reduce operational costs and unlock capital.
Among the leading providers of enterprise blockchain solutions for cross-border payments, Ripple purchased a 40% stake in Tranglo last year.
See also: Blockchain Technology Can Take the Sting out of Cross-Border Payments
“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.
Read more: Integrating Cross-Border Payments, eCommerce Solutions Smooths Path to International Sales
ODL transactions via RippleNet originate from markets including Australia, Japan, the Philippines and Singapore, with additional markets being added.
Tranglo enables banks and businesses to make global payments via its proprietary cross-border payments tool Tranglo Connect. With direct API access, Tranglo Connect merges the end-to-end payment process and offers a comprehensive integration of payout and partner services.
Founded in 2008, Tranglo is headquartered in Kuala Lumpur, Malaysia, and has offices in Singapore, Jakarta, Dubai and London. Its global network operates across over 100 countries, 2,500 mobile operators, 1,300 banks/wallets, and 130,000 cash pickup points.
You may also enjoy: Ripple, Modulr, Partner on Easier Payments
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More