Ripple Partner Tranglo Has Processed Over $1 billion with ODL

The figure was revealed in a recent report which highlighted the partnership between Ripple and Tranglo, and the benefits of ODL to cross-border payments.

Tranglo, a leading cross-border payments facilitator and a prominent Ripple partner, has processed over $1 billion with On-Demand Liquidity (ODL) since it inked a partnership with Ripple in 2021. The figure underscores the contribution of Ripple’s ODL service to efficient cross-border payments services.

Tranglo highlighted the achievement in a recent tweet, calling attention to a report on the benefits of healthy partnerships in the cross-border payment sector.

Tranglo has revitalised volume in key corridors, processing over USD1 billion in ODL transactions after the partnership with @Ripple in 2021. Find out how and why partnership can minimise cross-border payment challenges.https://t.co/TMia9wgsiN

— Tranglo (@Tranglo) May 12, 2023

The report, which was published by a Malaysia-based FinTech media outlet, pointed out the growing rate of the cross-border payment industry, which witnessed an impressive $156 trillion in remittances last year. This figure is projected to surge to $250 trillion in the next four years, according to Boston Consulting Group.

Despite the observable growth, the cross-border payment sector is plagued with several limitations, including but not limited to high transaction cost, poor exchange rates, and low transaction speed. According to the report, partnerships such as the one between Ripple and Tranglo can help address these challenges.

Notably, Ripple formed a strategic partnership with Tranglo in March 2021, acquiring 40% of the cross-border payment company’s stake. With the collaboration, Ripple aimed to deepen the reach of its ODL solution in Asia Pacific (APAC), with a particular focus on Southeast Asia. This came as a response to an increase in ODL demand within the region.

Having capitalized on this massive demand, Ripple and Tranglo have so far processed over $1 billion in remittances. The partnership has helped to facilitate cost-effective, lightning fast and seamless cross-border transactions for businesses. Nearly a year after the collaboration with Ripple, Tranglo enabled ODL on all its payment corridors, totaling 25 at the time.

Since partnering with Ripple, Tranglo has continued to expand its reach, opening up new payment corridors in several jurisdictions. The company integrated the United Arab Emirates in its Tranglo Connect Network last August, as previously reported by The Crypto Basic. Tranglo also launched an instant SEPA payout solution last month to cater to Europe.