Tranglo aims to facilitate lightning-fast cross-border payments in Europe with the recently-introduced payment solution.
Tranglo, a Ripple On-Demand Liquidity (ODL) partner and leading cross-border payments provider has announced the launch of an instant Single Euro Payments Area (SEPA) solution aimed at facilitating lightning-fast SEPA payouts to Europe.
Tranglo revealed the development in a recent press release. The move marked a significant European expansion for the firm and came as cross-border transactions have increased recently, with SEPA facilitating over 43 billion transactions annually.
Per the official press release, Tranglo’s latest offering was launched partly in response to the company’s anticipation of a substantial rise in cross-border settlements within the SEPA region in the coming months. This is further compounded by the increasing number of businesses and individuals who seek to avail themselves of real-time settlement services.
Supported countries at launch include Belgium, Croatia, Finland, Germany, Greece, Hungary, the Netherlands, Portugal, Slovakia, Spain, Sweden, and the United Kingdom. However, the company plans to expand its coverage to more countries in the near future. Tranglo’s CEO, Jacky Lee, emphasized that introducing this service was fueled by the surging demand for real-time cross-border payments.
The instant SEPA payment solution is already operational and accessible 24/7, according to the press release. The company has urged all businesses and consumers within the supported countries to take advantage of this service, and it should be noted that any bank account used must have an IBAN.
Given the magnitude of the offering, the development was further highlighted by prominent crypto influencer Cryptic Poet in a recent tweet.
🔥 JUST IN: Ripple Partner Tranglo launches instant SEPA payout to Europehttps://t.co/LWRyupreQd #xrp $xrp #XRPCommunity #crypto #blockchain
— Cryptic Poet (@1CrypticPoet) April 2, 2023
Tranglo employs Ripple’s On-Demand Liquidity (ODL) solution to streamline cross-border payments, providing faster, more cost-effective, and dependable international transactions. This is achieved using XRP, Ripple’s native token, as a bridge asset. Tranglo added UAE as part of its Connect network last August.
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