Tranglo has opened a 24/7 Ripple ODL payment corridor for customers in the United Arab Emirates.
Ripple announced its intention to enter the markets of the Middle East countries to launch the ODL money transfer service last year. To this end, at the end of 2021, the company acquired 40% of the payment integrator Tranglo to scale the RippleNet network and the Ripple On-Demand Liquidity (ODL) service. RippleNet uses the XRP digital asset to make low-cost cross-border payments.
The other day, it became knownthat Tranglo has connected the ODL payment corridor for customers in the UAE, which will allow remittance providers to make instant cross-border payments without first replenishing accounts. The Tranglo direct transfer service will be available to users around the clock and seven days a week, the company promises:
“Tranglo and Ripple ODL Expansion Program in the Middle East aims to invest in infrastructure and build a network of additional payment channels with huge growth potential. For example, in 2020, the UAE recorded a total turnover of remittances of more than $49 billion. In the first quarter of 2022, according to the Commercial Bank of Abu Dhabi, the country recorded an increase in remittances by another 8.2%, which, according to our forecasts, will lead to to a huge increase in the volume of incoming and outgoing cash flows at the end of the year.”
In July, Ripple announced a partnership with Singapore-based payment company FOMO Pay to use the Ripple ODL solution in international treasury transactions.
Source: Bits
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