Key Takeaways
- Ripple’s partner activates ODL service for cross-border payments.
- Tranglo’s global network that includes over 100 countries will use XRP as a bridge currency.
- Ripple still eying a victory in its case with the SEC.
Ripple’s services powered by its XRP token continue to thrive despite the legal brawl with the SEC. Tranglo, an Asian financial services company in which Ripple owns a stake, announced that it has enabled Ripple’s On-Demand Liquidity (ODL) service across all its payments corridors.
Tranglo activates Ripple’s ODL for cross-border payments
Tranglo revealed in a press statement that the step is coming after it tested the platform last year. The pilot deployment was successful, with over 250,000 transactions worth $48 million processed in 100 days.
The firm is now activating the Ripple ODL feature across all its 25 payments corridors. This will allow for cross-border payments to be made using XRP as a bridge currency on Tranglo across more than 100 countries.
The ODL service will also ensure transactions are settled near-instantly and without the need for pre-funding of the destination account.
Ripple owns a 40% stake in Tranglo which was founded in Malaysia in 2018. The acquisition was made last year with a view to using Tranglo to scale RippleNet and the ODL service. Speaking about the latest development, the CEO of Tranglo Group, Jack Lee said that Ripple’s ODL service will ensure that the company’s remittance partners can access a fast and cheap on-ramp to the global payments market.
He asserted:
“Our remittance partners want to enter markets as fast as possible at the lowest cost. ODL offers just that: they can start sending payments without locking in funds at different financial intermediaries.”
Ripple’s ODL service has been growing rapidly in traction. Per a Ripple report, 2021 saw many banks across several new markets adopt the ODL service including Japan, the Middle East, and even Europe.
The growth is a testament to the service’s best in class performance and is being touted as a viable replacement to SWIFT, the current global financial messaging service.
Ripple closing in on a victory over the SEC
While Ripple has continued to thrive internationally, its progress has been slowed down in the US. However, the case which has now been going on for over 14 months may soon be concluded.
Ripple may just happen to score itself a victory in the case if the recent proceedings of the case are considered. The court rulings have been favoring Ripple by placing demands on the SEC to produce key documents as well as unsealing other documents that reportedly support Ripple’s arguments.
