Tranglo, a global cross-border payment processing hub that supports business payments, mass payout, payment collection, money transfer, and mobile top-up, has recently announced that it has enabled Ripple’s On-Demand Liquidity (ODL) across all its payment corridors.
According to the report, Ripple’s ODL activation comes after the successful test that played in September 2021, in which $48 million was processed in 100 days with 250,000 transactions.
Tranglo tweeted, “We’re thrilled to announce today that we’ve enabled Ripple’s On-Demand Liquidity across all our payment corridors. This comes after a successful pilot ODL deployment last September which saw 250k transactions worth USD48M processed in 100 days.
“ODL leverages XRP to bridge currencies, allowing businesses to perform instant cross-border payments without costly pre-funding.”
Going by the report, Ripple, the US-based cross-border payment firm, acquired 40% of Tranglo in 2021 to scale RippleNet and the ODL service.
Reacting to the new development, Jacky Lee, CEO of Tranglo Group said:
“Our remittance partners want to enter markets as fast as possible at the lowest cost. ODL offers just that: they can start sending payments without locking in funds at different financial intermediaries, which can be costly and time-consuming.
“Remittance businesses that sign up for ODL also gain access to both Tranglo Connect and RippleNet, allowing them to better meet increasingly diverse payment needs.”
The report describes Tranglo as a payment firm that helps financial institutions and businesses pay globally via Tranglo Connect, its cross-border payments solution.
The firm seamlessly integrates payout and partner services. It also unifies the end-to-end payment process with direct API access.
Through its services, companies can reliably and securely make instant payments to over 25 countries across the world.
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