Ripple continues its global development with the addition of Tranglo to the UAE
Ripple inked a deal with Tranglo to implement its On-Demand Liquidity (ODL) technology in the United Arab Emirates days after entering the Brazilian market.
Ripple teamed with global payments company Tranglo to introduce Ripple’s On-Demand-Liquidity (ODL) service to the United Arab Emirates (UAE), days after signing a similar agreement with Latin American Bank Travelex for Brazil.
On August 24, 2022, the official Tranglo Twitter account announced the new endeavour with a Tweet. The United Arab Emirates is the second-biggest economy in the Arab Gulf area and is home to some of the largest senders and recipients in the world. By deploying its ODL solution across the UAE with the assistance of Tranglo, Ripple expects to manage the region’s large cross-border payment volume.
ODL is one of the quickest and most cost-effective cross-border payment options. The ODL leverages XRP to facilitate the global transfer of payments. It is available 24/7/365 and does not need prepayment from the receiving market. In addition, the ODL enables customers to reverse payments at no cost for up to five days. Any repayment extensions are allowed for a charge.
On August 19, five days before to its agreement with Tranglo, Ripple signed a new arrangement with the mobile-first Latin American Bank Travelex to do the same in Brazil. In accordance with the cooperation, Travelex will deploy Ripple’s ODL technology to provide quick, low-cost cross-border payment settlements in Brazil.
In July, Ripple secured new cooperation with a major Singaporean payment provider, FOMO Pay. FOMO pay, like Tranglo and Travelex, will use Ripple’s ODL technology to provide payment service providers and small- and medium-sized businesses in the area with economical and rapid cross-border payment options.