Ripple Partners With Tranglo To Expand To UAE

Ripple has teamed with global payments firm Tranglo to expand its On-Demand-Liquidity (ODL) solution to the United Arab Emirates (UAE), only days after signing an agreement with Latin American bank Travelex to do the same for Brazil.

Tranglo’s official Twitter account announced the new initiative by posting a Tweet on Aug 24, 2022.

The UAE has the Arab Gulf region’s second-biggest economy and some of the world’s largest senders and recipients. Ripple wants to handle the region’s large cross-border payments volume by expanding its ODL solution across the UAE with the assistance of Tranglo.

Ripple’s ODL is one of the most affordable and quick cross-border payment alternatives. The ODL uses XRP to allow users to transmit money all over the world. It is available 365/24/7 and does not require pre-funding from the receiving market. Users can also reverse payment for free for up to five days using the ODL. Extended repayments are available for a charge.

On August 19, five days before its agreement with Tranglo, Ripple signed a new arrangement with the mobile-first Latin American bank Travelex to do the same in Brazil. According to the agreement, Travelex will use Ripple’s ODL technology in Brazil to provide rapid cross-border payment settlements at a low cost.

Ripple announced another cooperation in July with FOMO Pay, a major Singaporean payments provider. FOMO Pay, like Tranglo and Travelex, will use Ripple’s ODL solution to give payment service providers and small-to-medium firms in the region affordable and instant cross-border payment solutions.

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