Tranglo and LuLu Money Partner on Cross-Border Payouts

cross-border payments

Tranglo and LuLu Money have partnered on cross-border payouts.

This collaboration will bring together the capabilities of Tranglo’s cross-border payment hub and LuLu Financial Holdings’ extensive network, the companies said in a Monday (May 22) press release.

“LuLu Money specializes in connecting end users with beneficiaries worldwide through accessible cross-border payments,” Tranglo Group CEO Jacky Lee said in the release. “We are confident the partnership will further lower the time it takes to send funds, thanks to Tranglo Connect’s real-time infrastructure and smart connection to our payout corridors.”

Cross-border B2B payments can be challenging, with regulatory differences, language barriers and high global remittance costs, Lee told PYMNTS in an interview posted in January 2022.

Tranglo has experience meeting these challenges, as it helps financial institutions and businesses pay globally through Tranglo Connect, its proprietary cross-border payments solution, Lee said at the time.

Tranglo’s cross-border payment hub provides business payment, foreign remittance and mobile payment solutions and processes 80% of its payments in real-time, according to the Monday press release.

LuLu Money, a subsidiary of financial services conglomerate LuLu Financial Holdings, runs an application programming interface (API)-first model for remittance-as-a-service called Digit9 that enables financial institutions (FIs) to offer their services to other FIs and FinTechs, the release said.

“We are excited about this partnership, which will enable Tranglo to benefit from our extensive network while simultaneously strengthening our payments infrastructure connecting various corridors,” LuLu Financial Holdings CEO Richard Wason said in the release. “Ultimately, this move will help both companies provide faster and more reliable transactions to our valued customers.”

LuLu Financial Holdings boosted its capabilities in June 2022 by digitizing its partner onboarding process with the help of Aerotruth.

The partnership of Tranglo and LuLu Money joins several other collaborations and new offerings recently launched in the cross-border payments space.

ACI Worldwide announced Monday that it has added Swift Go to its cross-border payments offering, enabling financial institutions to allow consumers and small and medium-sized businesses (SMBs) to send cross-border payments directly from their bank account.

A week earlier, on May 15, Zimpler launched a new account-to-account (A2A) payment solution that enables instant cross-border payouts for the 20 eurozone countries.

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