NewTech Friday: Tranglo – Transforming global payments
Jacky Lee is Tranglo Group’s CEO. He explained to Efma’s Boris Plantier how his company is simplifying cross-border payments so its users can focus on keeping their customers happy.
Jacky Lee is Tranglo Group’s CEO. He explained to Efma’s Boris Plantier how his company is simplifying cross-border payments so its users can focus on keeping their customers happy.
What led to the creation of Tranglo?
In 2008, mobile top-ups dominated the payments scene in Southeast Asia. Tranglo was founded because we saw the opportunity to provide a cross-border airtime credit transfer solution for businesses and users to tackle the inefficiencies of physically traveling across borders to share airtime credit. Airtime remained our chief business driver until 2014, when a shift in market demands caused us to reposition ourselves as a cross-border payment hub with a single mission in mind: to transform the global payment industry.
However, cross-border payment, whether in the form of money or airtime, was and still is a huge challenge for many businesses and their customers. Businesses need to navigate regulatory differences and language barriers, which eat into operational budgets. Complexities involved in routing and central intermediaries also mean global remittance costs remain high. There was also a lack of transparency regarding such transfers, resulting in a fragmented payment landscape.
Tranglo was created to address these cross-border challenges to make global payments easier and accessible to the masses.
Could you present Tranglo’s offer?
Tranglo processes international transactions and fund transfers through our proprietary, single interface platform that ensures reliable, quick and secure payments. This single-interface platform integrates transaction instructions from our partners to payment rails and chooses the best local payment processing partners and methods for payout in receiving countries. One of the main advantages of Tranglo is in cutting down on intermediaries, which keeps transaction costs down.
Tranglo does this through 3 solutions:
• Tranglo Connect – a payout service for licensed remittance companies, payment gateways and banks. Partners can also take advantage of our integration with Ripple and increase their working capital by applying for Ripple’s On-Demand Liquidity service. This service eliminates pre-funding, so businesses have better cash flow and liquidity to scale their growth.
• Tranglo Business – a collection and payout service for businesses of all sizes. This solution targets businesses in any industry, such as e-commerce, cross-border travel connectors, local vendors with global suppliers, and global freelancing platforms. To elaborate, potential clients can include companies like Shopee, Traveloka, Klook, and even Fiverr.
• Tranglo Recharge – an international airtime transfer service with the widest network of mobile reloads.
Tranglo offers an end-to-end payment solution for businesses through its digital-first system and partnership with regional and local payment connectors. Our global payment network spans more than 100 countries, 2,500 mobile operators, 1,300 banks/wallets and over 130,000 cash pickup points.
Besides that, we also offer value-added services such as FX management that ensures competitive transfer rates, strict compliance screening that mitigates errors and roots out suspicious transactions, data-driven marketing support, and even full reports to ease reconciliation and account keeping.
What’s coming next for Tranglo?
Tranglo is an expert in cross-border payments, especially in Asia Pacific. Moving forward, we are expanding our services to Europe, North America and the Gulf states.
We are also building a shared network of payment connectors thanks to a partnership with Ripple. By integrating our tech, we are aiming to enhance the cross-border payment experience in Southeast Asia and beyond. We are also improving service delivery through system enhancements such as the use of blockchain and digital currency for settlement. This allows us to better meet the business needs of our partners.
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