- Tranglo and Ripple Partnership Achieves a Milestone of $1 Billion in On-Demand Liquidity Transactions.
- The Partnership Enables Expansion and Enhanced cross-border Payment Services.
- Ripple’s ODL Continues to Expand Globally.
Tranglo, a global cross-border payment processing center and Ripple’s payment partner has reached a significant milestone by processing over $1 billion in On-Demand Liquidity (ODL) transactions. This achievement comes after the partnership between Tranglo and Ripple was established in 2021.
Tranglo took to Twitter on March 12 to announce their success and recommended an article published by Fintech News highlighting the benefits of partnerships in minimizing cross-border payment challenges.
The benefits of partnerships in the payment industry, such as reduced costs, faster payments, better regulatory compliance, and more payment options, have been exemplified by the collaboration between Tranglo and Ripple.
By combining their strengths, they have provided enhanced payment services, expanded their reach, and met the increasing demand in the Asia Pacific region.
Tranglo’s Success and Ripple’s Expansion
Tranglo’s achievement of processing over $1 billion in ODL transactions demonstrates the success of its partnership with Ripple. Ripple, a leading provider of enterprise blockchain solutions for global payments, acquired a 40% stake in Tranglo in 2021. This strategic partnership has enabled Ripple to meet the growing demand in the Asia Pacific region and expand its On-Demand Liquidity (ODL) service.
By integrating Ripple’s ODL service into its payment corridors, Tranglo has revitalized volume in critical corridors and processed a significant amount of ODL transactions. The success follows a pilot ODL deployment in September 2021, which processed 250,000 transactions worth $48 million within the first 100 days.
The partnership with Tranglo has allowed Ripple to extend its ODL services into new countries, promoting the adoption of its digital asset XRP for quick payment settlement. Tranglo now offers improved cross-border payout services with broader coverage through RippleNet, Ripple’s global payment network.
Expanding ODL Footprint and Ripple’s ODL-Related Sales
Ripple’s On-Demand Liquidity (ODL) service has been extending its presence in various regions, demonstrating its expansion. Following a successful launch in Japan, ODL was introduced in Brazil in August 2022, marking its debut in the Latin American market.
This milestone was achieved through a collaboration with Travelex Bank, making it the pioneering bank in Latin America to adopt ODL. The partnership between Tranglo and Ripple has not only facilitated progress in the Asian market but has also enhanced the availability of ODL services for existing RippleNet clients.
Another noteworthy development is the collaboration between Ripple and Bitso, a significant cryptocurrency exchange in Latin America. Monica Long, Ripple’s President, reported that Bitso hadi exceeded $3.3 billion in transactions between the U.S. and Mexico in 2022, utilizing institutional crypto solutions such as Ripple’s ODL product.
Regarding XRP sales, Ripple recorded significant growth, reaching $361.06 million in total sales during the last quarter. Importantly, these sales were made exclusively in connection with ODL transactions, showcasing the value and impact of Ripple’s partnership with various institutions.
The Promise of ODL: Transforming Cross-Border Payments and Driving Innovation
Looking ahead, the future of cross-border payments and ODL appears promising. The increasing volume of cross-border transactions, with the industry recording $156 trillion in 2022 and estimated to reach $250 trillion by 2027, underscores the need for innovative solutions like ODL to streamline global payments.
Ripple, together with its partners like Tranglo, remains at the forefront of driving this transformation in the payment industry. Through partnerships, they continue to overcome cross-border payment challenges, offering faster, more secure, and cost-effective solutions that benefit businesses and consumers alike.
As Ripple expands its ODL services and strengthens its partnerships worldwide, it is poised to continue transforming how money moves globally, bringing efficiency and innovation to the payment industry.
