Ripple investment partner Tranglo expands global payment services

Tranglo, an investment partner of Ripple, has announced the launch of an all-in-one business payment solution dubbed “Tranglo Business.” This solution will allow businesses to send and receive international payments quickly and easily.

Tranglo partners with Ripple’s ODL technology

Tranglo has partnered with Ripple to adopt Ripple’s on-demand liquidity (ODL) technology. The ODL technology will be available in all the 25 payment facilities that permit remittance providers to execute real-time cross-border payments without a prefund.

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Ripple’s ODL technology adopts the XRP token to bridge between two currencies. Moreover, the technology runs on RippleNet, Ripple’s global financial network. This network allows users to lower their operational costs and access extra funds by removing the need to have a prefund on the accounts where the money will be sent.

In 2021, Ripple announced buying a 40% stake in Tranglo. This purchase made the company a leading provider of enterprise blockchain solutions to facilitate cross border payments. Tranglo unveiled a pilot phase for ODL in September last year and managed to handle 250,000 transactions valued at $48 million during the first 100 days.

Tranglo is a cross-border payment platform with offices in several countries. The platform also has a wide range as it boasts of 2500 mobile operators, 1300 banks and wallets and 130,000 cash collection platforms in over 100 countries.

Growing use of RippleNet

RippleNet is used by a wide range of companies to handle transactions. Australia, Japan and Singapore have all adopted RippleNet’s ODL technology, and more integrations are expected to come with time to boost the sector’s growth.

Ripple has managed to expand its cross-border businesses despite the ongoing lawsuit between the company’s executives and the US Securities and Exchange Commission (SEC). The SEC claims that XRP/USD is a security, while Ripple issues it as a token.

Ripple’s remittance technology has become increasingly popular over the years because of facilitating low fees and fast transaction processing speeds. The technology has also been adopted by traditional financial institutions. Currently, Ripple’s partner, the Clearing House and Wells Fargo are working together to create a replacement for the SWIFT system.