Ripple Investment Partner Tranglo says it has launched an all-in-one business payments solution, ”Tranglo Business”, which helps businesses send and receive global payments quickly.
Ripple bought a 40% share in Tranglo last year
Previously, Tranglo announced a partnership with Ripple to use on-demand liquidity (ODL) technology across its 25 payment corridors, allowing remittance service providers to process cross-border payments. Real-time border with no upfront payback.
#Ripple investment and partner, Tranglo. https://t.co/cokDK4sxRW
— WrathofKahneman (@WKahneman) April 11, 2022
Ripple’s ODL uses the XRP digital currency to bridge the two currencies and runs on Ripple’s global financial network, RippleNet. Users can cut operating costs and free up funds by eliminating pre-payback for the target account.
Ripple bought a 40% stake in Tranglo last year, making it one of the main providers of enterprise blockchain solutions for cross-border payments. Tranglo’s ODL pilot program, which started in September 2021 and completed 250,000 transactions totaling $48 million in its first 100 days, paved the way for the migration.
Australia, Japan, the Philippines, and Singapore are among the markets using RippleNet to conduct ODL transactions, with more added over time.
Tranglo, a cross-border payment gateway with offices in Kuala Lumpur, Singapore, Jakarta, Dubai, and London, was established in 2008. Its global network includes 2,500 mobile operators, 1,300 banks/wallets, and 130,000 collection locations in over 100 countries.
Despite an ongoing lawsuit in the US, Ripple has been able to popularize its cross-border payments system outside of the US.
Ripple’s remittance technology has grown in popularity over the past few years due to its lower prices and faster transactions compared to traditional payment gateways. As previously reported by U.Today, Clearing House, a Ripple partner, and Wells Fargo are currently in talks to develop a SWIFT alternative.
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