Tranglo, a Ripple investment partner, has announced the introduction of “Tranglo Business,” an all-in-one business payment solution that enables firms to send and receive worldwide payments instantly.
Tranglo and Ripple partnership
Tranglo recently signed a partnership with Ripple to use the latter’s on-demand liquidity (ODL) technology across its 25 payment channels, enabling remittance providers to manage real-time cross-border payments without the need to prefund.
Ripple purchased a 40% stake in Tranglo last year, creating one of the leading providers of corporate blockchain solutions for cross-border payments. The move was made possible by Tranglo’s ODL program, which started in September 2021 and performed 250,000 transactions totalling $48 million in the first 100 days.
Relation between Ripple’s ODL and XRP
Ripple’s ODL functions on Ripple’s global financial network, RippleNet, and uses the digital currency XRP as a bridge between two currencies. Users may save money and cut operating expenses by avoiding prefunding destination accounts. RippleNet is used to execute ODL transactions in Australia, Japan, the Philippines, and Singapore.
What is Tranglo?
Tranglo was founded in 2008 as a cross-border payment gateway with offices in Kuala Lumpur, Singapore, Jakarta, Dubai, and London. Its worldwide network covers more than 100 countries and includes 2,500 mobile operators, 1,300 banks and wallets, and 130,000 cash-collecting sites.
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