Tranglo and Ripple partner for cross-border payments
Tranglo, which is a Malaysia-based cross-border payments company, has announced a partnership with a blockchain-based payments company, Ripple. Under this, Tranglo has enabled Ripple’s On-Demand Liquidity (“ODL”) service for all its payment corridors.
This would allow the remittance providers under Tranglo to process cross-border payments without costly pre-funding. This is after the pilot ODL deployment in September 2021, under which 250,000 transactions worth USD48 million were processed in the first 100 days.
Last month, Modulr formed partnership with Ripple for payments in Europe.
At the moment, ODL transactions via Ripple global financial network originate from markets such as Australia, Japan, the Philippines and Singapore and more markets will be added as per the company.
Back in 2019, Ripple acquired stake in Tranglo to up its game in Asian markets.
Tranglo Group CEO Jacky Lee said its remittance partners want to enter the markets as soon as possible and ODL offers ‘sending payments without locking in funds at different financial intermediaries, which can be costly and time-consuming’ and remittance businesses can sign up to gain access to both Tranglo Connect and RippleNet which allows for ‘better meet increasingly diverse payment needs’.
Tranglo is a payments company that aids financial institutions and businesses to pay globally to their clients via Tranglo Connect which is its proprietary cross-border payments solution while Ripple payments company which operates its own payments network and blockchain technology and has its own digital currency which works on blockchain technology and is decentralized in nature.
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