Malaysia-Based Tranglo Enables Ripple’s On-Demand Liquidity (ODL) to Facilitate Payment.
Tranglo, Asia’s leading cross-border payment hub, has announced that it has enabled Ripple’s On-Demand Liquidity (ODL) service, in a bid to facilitate payments on behalf of its clients at a low cost.
According to the official announcement today, remittance businesses that use the service will be given access to RippleNet and Tranglo Connect, which will enable them to meet diverse payment needs.
Payment providers using the ODL service will not be required to pre-fund accounts, which will allow them to better grow their business.
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. https://t.co/MUEUkEsYix pic.twitter.com/Qg6259Fx9l
— Tranglo (@Tranglo) February 28, 2022
Ripple’s ODL Successes
Notably, the Malaysia-based fintech company said it is adopting Ripple’s ODL due to the success the payment solution has recorded since its initial launch.
Ripple’s ODL, which made its debut in the global payment sector in September 2021 achieved a great deal in the early period of its launch, such as processing over 250,000 transactions worth $48 million in its first 100 days among others.
At the moment, the ODL payment solution is mostly utilized by fintech companies in Australia, Singapore, Japan and the Philippines, with other markets expected to follow suit in the near future.
The blockchain company’s payment solution uses its native cryptocurrency Ripple (XRP) to foster low-cost cross-border payments on the RippleNet, and the move resulted in massive demand of XRP.
It is worth noting that in 2021, Ripple acquired a 40% stake of Tranglo shares in a bid to scale RippleNet and its ODL service to the Southeast Asia market.
Following the acquisition, Jacky Lee, Tranglo Group CEO, 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.“
Reacting to the development, Ripple retweeted a post made by Tranglo on popular microblogging platform Twitter, showing its support for the initiative.
Launched in 2018, Tranglo enables financial institutions and businesses to make global payments via its cross-border payment solution dubbed Tranglo Connect.