Global cross-border payment processing hub Tranglo which doubles as Ripple’s payment partner hit a record of over $1 billion in On-Demand Liquidity (ODL) transactions for the first time since the launch of the service. According to a Tranglo tweet, the firm has “revitalised volume in key corridors, processing over USD1 billion in ODL transactions after the partnership with @Ripple in 2021.”
One year after Ripple acquired a 40% stake in Tranglo, the latter integrated the Ripple ODL service into its payment corridors. This follows the successful pilot ODL deployment in September 2021 which recorded 250,000 transactions worth $48 million processed all within the first 100 days. When Ripple bought the stake in the Asian fintech firm, the partnership aimed to help the Brad Garlinghouse firm meet the increasing customer demand in the Asian region.
It was also a means to extend the ODL services to new territories, thereby providing a boost for the XRP token which the ODL utilizes, in terms of instant payment settlement. Plus, Tranglo is known for its fast and efficient cross-border payment offerings in the area. Further attesting to Tranglo’s outstanding services, Asheesh Birla, the General Manager of RippleNet at Ripple had something to say.
“Tranglo’s robust payments infrastructure coupled with their unparalleled customer service and quality makes them an ideal partner to support our expansion of On-Demand Liquidity starting with the Southeast Asia region. We are excited to continue and carry out our shared mission to transform cross-border transactions to be faster, cheaper and more secure with blockchain technology and digital assets,” he explained
Travelex Bank, ChinaBank and QNB Taps Ripple ODL Service
So far, Ripple’s ODL service has received several recognitions in different regions. After launching the first ODL in Japan, it then debuted in Brazil in August 2022. This partnership was specifically with Travelex Bank and it turned out to be the first bank in Latin America to use ODL.
Travelex Bank was also identified as the first bank to get registered and approved by from the Central Bank of Brazil to run a foreign exchange. Also, ChinaBank together with Qatar National Bank (QNB) integrated the Ripple ODL service for remittance only two weeks ago. Ultimately, their partnership is aimed at facilitating transfers from Qatar to the Philippines.
Read More: Ripple’s Payment Partner Trianglo Celebrates $1B ODL Volume