Ripple investment partner Tranglo says it has launched an all-in-one business payment solution, ”Tranglo Business,” that helps businesses send and receive global payments quickly.
Earlier, Tranglo announced teaming up with Ripple to use the latter’s on-demand liquidity (ODL) technology across its 25 payment corridors, allowing remittance providers to handle real-time cross-border payments without the need to prefund.
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Ripple’s ODL uses the digital currency XRP to serve as a bridge between the two currencies and runs on Ripple’s global financial network, RippleNet. Users can cut operational costs and free up money by eliminating prefunding of destination accounts.
Ripple bought a 40% share in Tranglo last year, making it one of the major providers of enterprise blockchain solutions for cross-border payments. Tranglo’s ODL pilot, which began in September 2021 and completed 250,000 transactions totaling $48 million in the first 100 days, paved the way for the move.
Australia, Japan, the Philippines and Singapore are among the markets that use RippleNet to conduct ODL transactions, with more being added over time.
Tranglo, a cross-border payment gateway with offices in Kuala Lumpur, Singapore, Jakarta, Dubai and London, was founded in 2008. Its global network includes 2,500 mobile operators, 1,300 banks/wallets and 130,000 cash collection sites across more than 100 countries.
Despite an ongoing lawsuit in the United States, Ripple has been able to spread its cross-border payment system outside of the United States.
Ripple’s remittance technology has grown in popularity over the last several years as a result of its lower prices and faster transactions than traditional payment gateways. As previously reported by U.Today, the Clearing House, a Ripple partner, and Wells Fargo are currently in talks to develop a SWIFT replacement.