Tranglo has enabled Ripple’s On-Demand Liquidity (“ODL”) service for all its payment corridors
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Tranglo Describes How Digital Currencies Like Ripple (XRP) Are Transforming Global Payments.
March 1, 2022 – Tranglo has enabled Ripple’s On-Demand Liquidity (“ODL”) service for all its payment corridors, allowing remittance providers to process instant cross-border payments without costly pre-funding. This comes after the success of its pilot ODL deployment in September 2021, with 250,000 transactions worth USD48 million processed in the first 100 days.
Businesses can now complete international transactions seamlessly and in real-time. As any business leader can confirm, the best way to grow any business is to explore opportunities within and outside the business’s jurisdiction. It is a proven fact that any business that wants to hit its revenue goals faster than the competition needs to explore emerging markets and hire the best talents, even if they are overseas.
Tranglo has enabled Ripple’s On-Demand Liquidity (“ODL”) service for all its payment corridors
However, many businesses often face the issue of payments when conducting business transactions overseas. Common issues include delayed transactions, huge transaction fees, and disruption by third parties. For instance, there are often several intermediaries (particularly banks and payment processing platforms) when a business needs to pay their overseas talent or partners in a currency different from their local currencies.
Such transactions are often complicated involving a lot of time and fees, forcing businesses to wait for days in settling international transactions. However, the emergence of blockchain and digital currencies is bound to eradicate such problems. Through blockchain technology, businesses can conduct their transactions smoothly without payment bottlenecks.
Two years ago, top blockchain and crypto tech firm, Ripple, released a report titled “Blockchain in payments.” A summary of the report showed that businesses wouldn’t mind completing their transaction using digital currencies because it eliminates cross-border payment issues. Also, 40% of the surveyed businesses consider speed as one factor that would enable them to incorporate a blockchain-related payment system into their businesses.
Tranglo’s partnership with Ripple for efficient transaction settlement
Making cross-border payments seamless and fast is what Tranglo (a cross-border payment platform) aims to help businesses achieve. Tranglo enables the interoperability of two fiat currencies through Ripple’s native token (XRP) without the involvement of any third party.
Tranglo uses XRP because the digital asset eases and hastens exchange and settlement, decreases operational expenses, and makes pre-funding unnecessary. Hence, businesses can remit and receive funds from their overseas partners from part of the globe.
According to Tranglo “The use of XRP eliminates pre-funding, reduces operational costs, and unlocks capital to make exchange and settlement much easier and faster.”
Before the availability of Tranglo, many businesses in Southeast Asia and beyond had to spend huge amounts in developer fees to enable their payments system for cross-border transactions. However, Tranglo eliminates that issue.
Through its partnership with Ripple, transactions can be settled in real-time regardless of the local currency or where the businesses involved in the transaction are located.
“Tranglo is one of the few in the market offering true real-time transaction settlement by harnessing the power of an established local payment processing network that is undergoing digital transformation through partnerships like the ones with Ripple.”
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List of leading partners of Ripple, and How they use XRP?
The Ripple Rulebook
A committee of leading banking partners of Ripple has been building the ‘rulebook’ since 2015. This rulebook defines the framework for executing transactions on Ripplenet. It includes legal compliance, operational custody, and, other standards for acting as the intermediary.
Bank of America
Reports of BOA testing Ripple’s technology had been rampant since 2016. Only recently, the executives at the BOA confirmed the partnership. Julie Harris – the head of global banking at Bank of America (BoA) told the media,
It’s about you as a client and the infrastructure you have and the ability for us to integrate, whether that’s with platforms and capabilities that we built or partnerships that we have with the likes of Ripple or Swift. These are Fintechs that we’re partnering with.
American Express and Santander
On 16th November 2017, Santander and American Express to streamline cross-border payments between the U.S. and the U.K.
It was during a time when the crypto bubble was still in the earlier stages. The announcement was huge for its investors. The price shot up by 35% in the intra-day trade on that day. Nevertheless, as the actual use of XRP was still unknown, it resulted in a ‘pump and dump.’
BI Holdings
SBI holdings Inc. in Japan has been a long-standing partner of Ripple since 2016. SBI has partnerships with both Ripple and R3 to streamline remittances and instantaneous cross border payments. Their payment model ‘Money Tap’ also leverages XRP as an intermediary for the payments.
A consortium of 47 banks is working towards a Ripple Solution to build an RC platform. This platform will act as the settlement layers for the payments and remittance between banks. Currently, it takes more around 2-3 days for confirmation and settlement of payments for cross-border transactions.
National Bank of Fujairah PJSC (NBF)
National Bank of Fujairah PJSC (NBF) is a sharia-compliant, partly state-owned bank in the UAE. In March 2020, it partnered with Ripple to capitalize on the benefits of RippleNet. The first remittance link will be formed with India’s Indus Lnd Bank to improve the speed, cost-efficiency and traceability of transactions.
MoneyMatch
MoneyMatch, a Malaysian FinTech provides the country’s small and medium-sized enterprises (SMEs) with a same-day, low-cost way to pay global suppliers. It is the leading payment/remittance solution providers in the country. It partnered with Ripple back in April 2018 and recently has been reporting a 40% reduction in their operating cost.
Standard Chartered Bank (SCB)
Dating back to 2015, SCB for long has shown interest in the Proof of Concept (PoC) payment using Ripple’s technology. It conducted the world’s first trade finance invoicing using the distributed ledger. In 2016, it went to make a strategic investment in Ripple to earn an observer board seat at Ripple.
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