Tranglo, a cross-border payment hub specializing in corporate payments, foreign remittances and mobile payment solutions, announced that it has enabled Ripple’s on-demand liquidity service for its cross-border payment services.
We're thrilled to announce today that we've enabled @Ripple's On-Demand Liquidity across all our payment corridors.
This comes after a successful pilot #ODL deployment last September which saw 250k transactions worth USD48M processed in 100 days. https://t.co/MUEUkEsYix pic.twitter.com/Qg6259Fx9l
— Tranglo (@Tranglo) February 28, 2022
Tranglo and Ripple strengthen their partnership
This announcement strengthens the collaboration between the two companies that culminated in March with Ripple’s acquisition of a 40% stake in the Malaysian payments company.
The close collaboration with Tranglo, was aimed at accelerating the reach of Ripple’s On-Demand Liquidity (ODL), which uses the digital asset XRP to facilitate instant money transactions.
Furthermore, thanks to Tranglo, Ripple will be able to expand its presence in the thriving South Asian market for cross-border payments. This agreement comes, as can be read in a note from the Malaysian digital payments company, after the successful pilot implementation of ODL in September 2021, with 250,000 transactions worth $48 million processed in the first 100 days.
How Ripple’s ODL system works
Ripple’s ODL system leverages XRP digital currency to facilitate low-cost cross-border payments on RippleNet. Users who use it for their transactions will not need to pre-fund their accounts, allowing them to maximize capital efficiency and reduce costs.
This news comes on the heels of the company’s announcement a few weeks ago that 2021 would be its best year ever, despite all the problems with the SEC legal case, with the value of XRP growing by 53%.
The advantages of Tranglo
Speaking about the new service activated by Tranglo, the company’s CEO, Jacky Lee said:
“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. 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”.
Founded in 2008, Tranglo has offices in Kuala Lumpur, Singapore, Jakarta, Dubai and London. Its global network covers more than 100 countries, 2,500 mobile operators, with approximately 1,300 banks/wallets and 130,000 cash pick-up points.