The crypto technology giant Ripple partnered with global payments firm Tranglo to expand Ripple’s On-Demand-Liquidity (ODL) solution to the United Arab Emirates (UAE). Tranglo is expanding Ripple’s ODL solution to the United Arab Emirates (UAE).
On August 24, 2022, a Tweet was shared by the official Tranglo Twitter account, in which the announcement of the new project was included. The United Arab Emirates (UAE) is home to some of the biggest senders and receivers in the world, and its economy is the second-largest in the Arab Gulf area. By distributing its ODL solution throughout the UAE with the assistance of Tranglo, Ripple intends to be able to manage the enormous volume of cross-border payment traffic that exists in the region.
Ripple’s Open Distributed Ledger (ODL) is a solution for international payments that is both inexpensive and quick. Users of the ODL are given the ability to transmit money anywhere in the world by using XRP. It is available around the clock, 365 days a year, and seven days a week, and it does not need any pre-funding from the receiving market. Users of the ODL also have the ability to reverse payments at no additional cost for up to five days. Any repayment plan that is extended might be done so for a charge.
Ripple signed a new contract with the mobile-first Latin American bank Travelex on August 19, five days before it made a deal with Tranglo to accomplish the same thing in Brazil. This contract was signed by Ripple. In accordance with the terms of the agreement, Travelex will implement Ripple’s ODL solution in order to make it possible for rapid cross-border payment settlements to take place in Brazil at a very low cost.
In July, Ripple entered into a new cooperation with FOMO Pay, a large payments institution based in Singapore. FOMO pay, in the same vein as Tranglo and Travelex, has decided to deploy Ripple’s ODL solution in order to give payment service providers and small-to-medium businesses in the area with options for rapid and economical cross-border payments.