Tranglo launches payment via RippleNet

Payments giant Tranglo, which is a partner of Ripple, is launching blockchain payments on the RippleNet network.

The Ripple team acquired a 40% stake in Tranglo in 2021. Therefore, the choice of blockchain to expand payment services is quite clear. With the Tranglo Business service, users have access to a comprehensive payment solution.

This will allow businesses to quickly make global cross-border payments in real time. The ODL technology that will be used for this will allow for a two-step exchange between the two currencies via the blockchain, using XRP coins as an intermediary.

The transfer of funds is carried out in the global financial network Ripple, RippleNet. This saves money by reducing operating costs. Therefore, the new service, according to experts, will not go unnoticed by Tranglo users.

The ground for the launch of the Tranglo Business was laid in 2021. A pilot project based on ODL technology processed 250,000 transactions in the fall for a total of $48 million. This technology is most actively used in the financial markets of Australia, Japan, the Philippines and Singapore.

Recall that we also wrote that in 2021, Ripple became the No. 1 payment company in the Asia-Pacific region. Fast transactions and low fees have drawn attention to the blockchain. Currently, a replacement for SWIFT is being developed on its basis.

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