Ripple partner Tranglo is to create new payment channels in Southeast Asia


Ripple partner Tranglo cooperates with the Australian FinTech OmiPay. OmiPay wants to use Tranglos payment network – a case for XRP?

While Ripple is still arguing with the SEC about whether XRP is a security or not, the Californian FinTech continues to create facts with its partners. The strategic partnership with the payment service provider Tranglo was announced at the end of March. Ripple has bought into Tranglo with 40 percent. One of the declared goals of the partnership is to expand the payment channels for Ripple’s on-demand liquidity platform (ODL). ODL is the central use case for the digital asset XRP. XRP is used here as a bridge currency for cross-border and cross-currency transfers.

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Now the newly minted Ripple partner Tranglo has announced a cooperation with the Australian-based FinTech OmiPay. OmiPay wants to access Tranglo’s network of local sales channels and is particularly targeting the Chinese and Southeast Asian markets.

The press release on the cooperation shows that the companies are primarily concerned with improving the accessibility and affordability of cross-border transfers. Tranglo said it did 56 percent of its business last year through payment corridors to Indonesia, Vietnam and the Philippines; and thus in precisely those regions where OmiPay now wants to position itself more strongly.

XRP in use?

The fact that neither Ripple nor XRP, ODL or the “buzzword” blockchain are represented in the press release suggests that XRP does not play a major role in the partnership, at least currently. However, the chances are good that this could change in the foreseeable future. The expansion of ODL payment channels in Southeast Asia is a central component of the partnership between Ripple and Tranglo.

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As a pioneer in cross-border payment services, Tranglo will play a vital role in supporting existing corridors – such as in the Philippines – and introducing new ODL corridors within its current network,

explains Ripple in the press release on the Tranglo partnership.

Tranglo itself explained in a blog post from April 7th, not only the advantages of using ODL compared to traditional money transfers. Tranglo is also considering installing Distributed Ledger Technology (DLT) in its products:

Our technology team is already working around the clock to harness the capabilities of blockchain and DLT. We apply what we have learned to further expand our payment transfer capabilities. We look forward to bringing these new developments into our solutions so that businesses can experience cross-border payments that, above all, offer benefits.

It remains to be seen – once again – whether these words will be followed by deeds. It would not be the first time that Ripple has bought into a payment provider and that they subsequently gave the ODL and XRP the cold shoulder.

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