All Tranglo’s 25 payment corridors use Ripple’s On-Demand Liquidity services to create more convenient cross-border transactions without any significant costs.
The Ripple and Tranglo partnership since 2021 yielded significant success after processing over 250,000 transactions, amounting to close to $48 million.
Ripple acquired 40% of Tranglo to increase the influence of RippleNet in Asia. Most of RippleNet’s transactions are from the Philippines, Singapore, Japan, Australia, and the like. Ripple expects to partner with more companies to expand its influence on other markets.
Ripple utilized the XRP to create cross-border payment transactions with little to no cost. Service providers no longer need to shell out money to fund accounts, potentially maximizing profit to grow their business.
According to Tranglo CEO Jacky Lee, locking in funds with different intermediaries “can be costly and time-consuming”. Thus, remittance partners using the On-Demand Liquidity services can use RippleNet and Tranglo Connect.
Founded in 2008, Tranglo operates in Dubai, London, Singapore, Jakarta, and Kuala Lumpur. Since its inception, Tranglo managed to advance its reputation in the business payment industry as the main source for remittance and mobile payment solutions in the Asia-Pacific.
Tranglo significantly benefited from its partnership with Ripple, acquiring numerous fiat connections between providers like BKK Forex, DeeMoney, and Siam Commercial Bank.
Tranglo currently processes currencies like Philippine Peso (PHP) and Thai Bhat (THB) through this partnership.
A sudden demand in ODL services in the Asia-Pacific allowed Ripple to experience a 130% growth over the quarter through RippleNet.