- Ripple is expanding its payment solution into Australia through its major partner Trianglo.
- Trianglo and EzyRemit will utilize the On-Demand Liquidity (ODL) to foster the payment push.
Blockchain payments firm Ripple Labs Inc is making advancements in its push into a new market worth a billion dollars. As announced by the firm, the expansion involves taking remittance solutions through its long-time partner Trianglo into the Asia Pacific corridor.
As a major payment service provider, Ripple has often relied on its partnerships with offshore startups to push the advancements of its technology for swift and cheap transaction settlements. It inked its partnership with Trianglo back in 2021 as the American giant acquired a 40% stake in the Asian dominant outfit.
The current expansion saw an extension of the Ripple and Trianglo partnership with EzyRemit, one of the largest financial technology startups in Australia. The partnership between Trianglo and EzyRemit will feature the use of cross-border payment solutions to enhance its remittance services through Ripple’s On-Demand Liquidity (ODL).
The strategic partnership between EzyRemit and Tranglo will offer a comprehensive cross-border payment solution for all customers. This partnership combines EzyRemit’s extensive remittance network and Tranglo’s expertise in global payment infrastructure.
said EzyRemit Co-Founder and CFO Allan Nguyen, adding that;
The collaboration enables users to enjoy seamless, reliable, and cost-effective remittances to multiple countries through a single platform. With the integration of EzyRemit’s and Tranglo’s offerings, customers can expect an improved experience with faster processing times, greater transparency, and enhanced security. This strategic partnership is expected and will transform the remittances landscape positively.
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The On-Demand Liquidity product has been touted as one of the most functional and responsive cross-border solutions around today. Combined with the technology capabilities of Trianglo which makes it process 80% of its transactions in real-time, the tripartite partnership will bring enhanced payment solutions to consumers in Australia and the entire Asia-Pacific region.
Ripple is Pressing on Despite SEC Lawsuit
Ripple has passed through a lot of strain in its business over the past couple of years following the $1.3 billion lawsuit filed by the United States Securities and Exchange Commission (SEC) back in December 2020.
In the early stages of the lawsuit, the company lost a lot of its US partners, the top of which was MoneyGram International. Rather than despair, the Ripple executives pressed on and strengthened their business operations in other regions by securing a host of new partners.
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Trianglo was one of the partners and with the proactive push of the company, more markets are being added to Ripple’s ecosystem.
While American regulators are still debating whether or not XRP, is the key backbone of the ODL product, several countries have actually unveiled progressive regulations that are helping the digital currency to thrive on their shores.
As Ripple advances its payment ecosystem, it is also making headway as the major partner for a number of central banks for the purpose of Central Bank Digital Currency (CBDC) development.