Tranglo, a cross-border payment gateway founded in 2008 and Ripple’s newest investment partner, has launched an all-in-one business payment solution called Tranglo Business to allow businesses receive and send their global payments in a faster way.
The payment solution will utilize Ripple’s on-demand liquidity (ODL) technology to allow Tranglo to use all its 25 payment corridors as well as allow remittance providers to conduct a real-time payment across the borders without pre-funding the transactions.
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Ripple’s ODL uses XRP, its digital currency, as a bridge between two currencies and also runs on RippleNet, Ripple’s global financial network. Therefore, Tranglo users will be able to lower operating costs as well as save money by getting rid of destination account charges.
Ripple bought a 40% share of Tranglo
Ripple purchased a 40% share of Tranglo and became one of the major enterprise providers of blockchain solutions payments across the borders.
Tranglo ODL pilot began in September 2021, and in the first 100 days, it was able to complete 250,000 transactions of $48 million since then it paved way for the move.
Japan, Australia, Singapore, and the Philippines are one of the markets using RippleNet for their ODL transactions, however, more markets are joining the wagon.
Tranglo global network
Tranglo has established its offices in Singapore, Dubai, Kuala Lumpur, London, and Jakarta and its global network has 130,000 cash collection sites, 1,300 wallets/banks, and 2,500 mobile operators in over 100 countries.
Against all odds, Ripple has managed to spread its payments systems across the borders outside the United States despite the ongoing lawsuit in the state.
In the previous years, Ripple remittance technology’s popularity has continued to grow due to its fast transactions and low prices as compared to the traditional payment gateways.
According to the U.Today previous report, Ripple partner, Clearing House, and Wells Fargo talks are underway to create a SWIFT replacement.