Tranglo Opens up New Payout Corridor to the UAEby Fintech News Malaysia August 24, 2022 0 comments
Cross-border payments firm Tranglo announced that it has opened a new payment corridor to the United Arab Emirates (UAE).
This is part of Tranglo’s Middle East expansion programme, which focuses on infrastructural investment and network building to add supplementary channels with huge growth potential.
Tranglo can now offer quick and seamless fund transfers to the UAE thanks to a single integrated partnership with the country’s banking network.
Payment security is ensured via validation of beneficiary’s details against the Emirates ID, passport or GCC national ID.
Tranglo’s direct-to-bank payout service is available 24/7 for individual senders and beneficiaries. Payments to most major banks in the UAE are processed and credited within the same day, subject to terms and conditions.
The UAE, the second largest economy in the Arab Gulf, is one of the top remittance senders and receivers in the world. In 2020, the country recorded US$42.7 billion and US$6.78 billion in remittance outflows and inflows, respectively.
Tranglo helps financial institutions and businesses pay globally through Tranglo Connect, its proprietary cross-border payments solution.
It integrates payout and partner services seamlessly, unifying the end-to-end payment process with direct API access. With Tranglo Connect, companies can immediately make payments to over 25 countries reliably and securely.
Jacky Lee, Group CEO of Tranglo said,
“In 2013, we helped Etisalat launch UAE’s first international airtime transfer, benefiting millions of people. Today, our latest payment corridor will benefit many more seeking to remit funds to the country.
After months of fine-tuning our API connection and interbank switching protocols, we are confident that our cross-border business partners can now offer unbeatable value to their customers.”