Ripple Investment Partner Tranglo Launches ODL Payment Corridor in UAE

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Tranglo has opened a 24-hour Ripple ODL payment corridor for customers in the United Arab Emirates.

On the intention to enter the markets of Middle East countriesEast to launch an ODL money transfer service, Ripple announced 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 digital asset XRP to make low-cost cross-border payments.

Recently, it became known that Tranglohas connected the ODL payment corridor for customers in the UAE, which will allow money transfer providers to make instant cross-border payments without pre-funding accounts. The Tranglo direct transfer service will be available to users 24/7, the company promises:

"Tranglo and Ripple ODL expansion program onThe Middle East aims to invest in infrastructure and build a network of additional payment channels with huge potential for growth. For example, in 2020, the UAE registered a total turnover of remittances of more than $49 billion. In the first quarter of 2022, according to the Abu Dhabi Commercial Bank, the country recorded an increase in remittances of another 8.2%, which, according to our forecasts, will lead to to a colossal increase in the volume of incoming and outgoing cash flows at the end of the year.”

In July, Ripple announced
on a partnership with Singapore-based payment company FOMO Pay to use the Ripple ODL solution in international treasury transactions.