Paving the way for instant cross-border payments without pre-funding
SINGAPORE, March 1, 2022 /PRNewswire/ -- Tranglo has enabled Ripple's On-Demand Liquidity ("ODL") service for all its payment corridors, allowing remittance providers to process instant cross-border payments without costly pre-funding.
This comes after the success of its pilot ODL deployment in September 2021, with 250,000 transactions worth USD48 million processed in the first 100 days.
At press time, ODL transactions via Ripple's global financial network, RippleNet originate from markets including Australia, Japan, Philippines and Singapore, with other markets to follow.
Ripple, the leading provider of enterprise blockchain solutions for cross-border payments, acquired 40% of Tranglo in 2021 to scale RippleNet and the ODL service.
ODL leverages the digital asset XRP to facilitate low-cost cross-border payments on RippleNet. Remittance providers using ODL will not need to pre-fund accounts, allowing them to maximise capital efficiency to grow their business.
Tranglo Group 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."
Tranglo helps financial institutions and businesses pay globally through Tranglo Connect, its proprietary cross-border payments solution. It integrates payout and partner services seamlessly, unifying the end-to-end payment process with direct API access. With Tranglo Connect, companies can immediately make payments to over 25 countries reliably and securely.
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 Lumpur, Singapore, Jakarta, Dubai 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. To find out more, visit www.tranglo.com.
Tranglo's Digital Marketing Team