Cryptocurrency tech giant Ripple (XRP), Days after shaking hands with Latin American Bank Travelex for Brazil, it has partnered with global payments firm Tranglo to bring Ripple’s On-Demand-Liquidity (ODL) solution to the United Arab Emirates (UAE).
Company Releases XRP’s ODL Solution to United Arab Emirates
Tranglo’s official Twitter account announced the new initiative by posting a Tweet on August 24, 2022.
The UAE is the second largest economy in the Arabian Gulf region and is home to some of the world’s largest senders and receivers of assets.
Ripple hopes to manage massive cross-border payment traffic in the region by rolling out its ODL solution to the UAE with the help of Tranglo.
UAE is now part of the Trango Connect network, offering instant payments to the second largest Arab economy. #Tranglo #fintech #CrossBorderPayment #Remittance https://t.co/C8VUxVkn1Y pic.twitter.com/WNvysmoC38
— Tranglo (@Tranglo) August 23, 2022
What is Ripple’s ODL Solution?
Ripple’s ODL offers one of the cheapest and fastest cross-border payment solutions. ODL uses XRP to enable users to send funds around the world. ODL is accessible every minute of every day and does not require pre-funding by the receiving party.
ODL also allows users to cancel the payment for free for up to five days. Longer term repayments are available for a fee.
Five days before its agreement with Tranglo, Ripple signed a new contract on August 19 with Travelex, Latin America’s first mobile bank, to conduct a similar transaction in Brazil.
According to the partnership, Travelex will use Ripple’s ODL solution to allow instant cross-border payment deals in Brazil at a very small cost.
In July, Ripple formed another partnership with FOMO Pay, a major payment institution from Singapore.
Like Tranglo and Travelex, FOMO Pay will use Ripple’s ODL solution to provide affordable and instant cross-border payment solutions to payment service providers and small-medium businesses in the region.
*Not investment advice.
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