The cross-border payment platform will be using Ripple’s on-demand liquidity (ODL) services for instant crypto payments globally.
Tranglo is a financial startup launched in 2008, offering customers instant mobile payments with crypto in 25 countries. The firm has offices in Dubai, London, Kuala Lumpur, Jakarta, and Singapore.
Based on the official report, Tranglo will be using Ripple’s ODL service to let customers make cross-border transactions. The move may have been sparked because Ripple purchased 40% of Tranglo’s stake back in 2021.
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Jacky Lee, who is the CEO of Tranglo Group, spoke on the implementation of Ripple’s ODL, stating:
"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."
In fact, the RippleNet, or Ripple’s ODL service, was piloted earlier in October of 2021. The testing was successful, processing just about 250K payments, worth $48 million.
Meanwhile, with Tranglo enabling ODL, it will allow customers to make global payments on the Tranglo Connect service via "scaling On-Demand Liquidity, leveraging the digital asset XRP to facilitate low-cost cross-border payments for remittance providers."
