Tranglo has fully integrated Ripple's On Demand Liquidity service and uses XRP for cross-border payments.
The implementation of Ripple's ODL has enabled Tranglo to process $970 million in payments.
The #Ripple ODL transaction process for Tranglo consists of five simplified steps.
Global payment processing company Tranglo has implemented the Ripple On-Demand Liquidity (ODL) service for cross-border payments using the #XRP cryptocurrency. The service creates a direct gateway that bypasses inefficiencies in the banking system, helping to make transactions more efficient and inexpensive. Chad Steingraber, an active member of the XRP community, also noted the potential that XRP offers in terms of immediate cross-border payments for Tranglo.
Tranglo began using Ripple's ODL in March 2022, after a pilot project was deemed a success in September 2021. During the pilot phase, 250,000 transactions valued at $48 million were processed; ODL improved the efficiency and scalability of Tranglo's operations; by the end of 2022, Tranglo had recorded $970 million of payments from Ripple via ODL, a significant increase over previous years. This is a significant increase from previous years.
A Ripple transaction through ODL begins with titling and extends the humanization of the process through a series of streamlined steps. First, the remittance licensee requests preliminary funds in U. S. dollars from Tranglo via RippleNet. The funds are then transferred and the required amount of XRP is withdrawn from the digital wallet; the XRP is eventually credited to Tranglo's account, which Tranglo then exchanges for the required local currency.
The digital currency is exchanged and credited to the licensee's Tranglo wallet, and eventually the same amount of fiat currency in the licensee's wallet becomes available for payment. As a result, Ripple charges the licensee a transaction fee.
Sharelink.
Read us at: Compass Investments
