Using ORNG to Revolutionize Cross-Border Payments
In the world of business, time is money. For entrepreneurs like Alex Parmley, the long and cumbersome process of moving money became a significant pain point. Parmley, the founder of Phood, a payments app for college students, experienced firsthand the delays and inefficiencies associated with transferring funds between countries. This inspired him to embark on a new venture, ORNG, which aims to revolutionize cross-border payments.
The Struggles of Traditional Money Transfer Processes
Before delving into the innovative solution offered by ORNG, it’s essential to understand the challenges faced by businesses when transferring money across borders. Parmley recounts his experience with Phood, where it took 15 to 30 days for vendors to receive payments from universities after students placed orders. This delay forced Phood to raise millions in debt to cover these payments while waiting for the universities to process the funds. As inflation rates rose and borrowing became expensive, Parmley realized that there had to be a better way.
The Birth of ORNG: Instant and Safe Money Transfers
Parmley envisioned a product that could facilitate real-time, seamless money transfers. He recognized the need to create a network that would allow money to move instantly and securely across countries, much like sending a message between enterprises. Thus, ORNG was born.
ORNG’s primary objective is to simplify and expedite cross-border payments for banks, fintech companies, and large businesses. Currently, each country has its own system for handling fast money transfers, using platforms that may not be compatible with those of other countries. This lack of interoperability often leads to delays and headaches for businesses, similar to the challenges faced by Phood. ORNG’s solution is to bring all these systems together into one user-friendly API. By consolidating payment platforms, businesses can handle transactions worldwide through a single interface, streamlining operations and increasing efficiency.
The Promise of ORNG: Making Payments Faster and Simpler
Parmley emphasizes that ORNG’s mission is not only to speed up payment processes but also to simplify them. Drawing a parallel to Stripe, which revolutionized online payments and increased the GDP of the internet, Parmley aims to increase cash flow through ORNG’s platform. By providing a unified and straightforward solution for cross-border payments, ORNG aims to eliminate the complexities that businesses face when transferring funds internationally.
Investor Confidence and Future Plans
Parmley’s pivot from Phood to ORNG has garnered support from existing investors. Phood had previously raised around $5 million in funding, and ORNG plans to leverage some of that capital alongside new fundraising efforts. Lauren Deluca, founder and general partner of Motivate Venture Capital, expresses confidence in Parmley’s ability to apply his learnings from the campus space to ORNG. This endorsement further solidifies Parmley’s vision and underscores the potential of ORNG as a market disruptor.
Parmley’s detailed plan for ORNG’s future, coupled with the commitment of his team, demonstrates his determination to make a lasting impact. While some co-founders have pursued other endeavors, Parmley’s unwavering dedication to his vision has propelled ORNG forward.
From Struggle to Success: Parmley’s Journey
Parmley’s personal journey has undoubtedly influenced his entrepreneurial drive. Growing up in Alabama, he faced financial hardships, learning the value of money from his mother’s restaurant job and his grandmother’s frugality. The struggles he faced as a child fueled his determination to succeed. Although he did not attend college, Parmley’s experiences and self-education have shaped him into a resilient entrepreneur.
Parmley’s entrepreneurial journey began when he found himself on a college campus, wondering why it wasn’t easier to order food for delivery. This led to the creation of Phood, and now, Parmley is leveraging his experiences to change the world through ORNG.
Conclusion: ORNG’s Potential to Transform Cross-Border Payments
With ORNG’s innovative approach to cross-border payments, Parmley aims to simplify and expedite financial transactions for businesses worldwide. By consolidating payment platforms into one user-friendly API, Parmley and his team are poised to revolutionize the way money moves between countries. ORNG’s potential to streamline operations, increase efficiency, and eliminate delays has already attracted investors and clients, setting the stage for a promising future.
As the world becomes increasingly interconnected, the need for efficient and secure cross-border payment solutions has never been greater. ORNG’s mission to make payments faster and simpler aligns with the evolving demands of businesses in a globalized economy. With Parmley’s determination and the support of investors, ORNG is well-positioned to become a game-changer in the world of international finance.
