It now processes more than 80% of its cross-border transactions in real-time
SINGAPORE, Nov. 16, 2022 /PRNewswire/ -- Tranglo Pte Ltd is excited to announce the launch of real-time cross-border payments to Malaysia in line with the global fintech's mid-term plan to modernise its processes in the region.
Tranglo's real-time payments to Malaysia leverages the country's DuitNow network.
With this announcement, Tranglo now performs more than 80% of its cross-border payments in real-time. It comes as Malaysia is seeing extraordinary growth in real-time transactions.
According to the country's central payment network PayNet, its real-time payment platform DuitNow has processed over 2 billion transactions in the last 3 years, representing a growth of more than 800%. Real-time transactions in Malaysia are expected to reach 7 billion in volume by 2025, it added.
DuitNow connects most bank accounts and e-wallets in the country.
Tranglo Group CEO Jacky Lee said: "Our regional payout capabilities just got a real shot in the arm. The ubiquity of DuitNow means infrastructure support for real-time transactions not just within Malaysia, but across ASEAN. That is a huge market that our global business partners can tap into via Tranglo."
Tranglo's real-time payout service is available 24/7 and supports both individual and business senders. Beneficiaries will receive the funds in Malaysia within minutes, subject to terms and conditions.
Tranglo helps financial institutions and businesses pay globally through Tranglo Connect, its proprietary cross-border payments solution. It seamlessly integrates payout and partner services, unifying the end-to-end payment process with direct API access. With Tranglo Connect, companies can make payments to over 24 countries reliably and securely.
Tranglo is a cross-border payment hub with a proven track record in business payment, foreign remittance and mobile payment solutions. Founded in 2008, we have offices in Kuala Lumpur, Singapore, Jakarta, Dubai and London. Our global network spans more than 150 countries, 5,800 mobile operators, 2,200 banks/wallets and 140,000 cash pickup points. Tranglo is a proud partner of Ripple, the leading enterprise blockchain solutions for global payments. We now offer enhanced cross-border payout services with an even wider coverage through RippleNet, Ripple's global payment network. To find out more, visit www.tranglo.com, LinkedIn, Facebook or Twitter.
Source: Tranglo Pte Ltd