Tranglo Introduces Payment Options to Expand Coverage
Tranglo, a Ripple investment partner, has announced the introduction of “Tranglo Business,” an all-in-one business payment solution that enables firms to make and receive worldwide payments rapidly.
Tranglo previously announced a collaboration with Ripple to deploy the latter’s on-demand liquidity (ODL) technology across its 25 payment corridors, enabling remittance providers to process real-time cross-border payments without the need for prefund.
Ripple’s ODL is based on the digital currency XRP and operates on Ripple’s worldwide financial network, RippleNet. By removing prefund of destination accounts, users may reduce operating expenses and free up funds.
Ripple acquired a 40% stake in Tranglo last year, elevating the company to a position as a leading developer of corporate blockchain solutions for cross-border payments. Tranglo’s ODL pilot program, which started in September 2021 and executed 250,000 transactions totaling $48 million in its first 100 days, laid the groundwork for the shift.
Australia, Japan, the Philippines, and Singapore are among the markets that now utilize RippleNet to perform ODL transactions, with more markets expected to join in the future.
Tranglo was formed in 2008 as a cross-border payment gateway with offices in Kuala Lumpur, Singapore, Jakarta, Dubai, and London. Its worldwide network spans more than 100 countries and includes 2,500 mobile carriers, 1,300 banks/wallets, and 130,000 cash collecting locations.
Ripple has been able to expand its cross-border payment system outside of the United States despite ongoing litigation in the United States.
Ripple’s remittance technology has gained popularity in recent years due to its reduced transaction fees and quicker transaction times than conventional payment gateways. As previously reported by U.Today, the Clearing House, a Ripple partner, is in discussions with Wells Fargo to build a SWIFT substitute.