Payment service TransferGo is thrilled to reveal it is collaborating with Californian cryptocurrency exchange Ripple to boost the payment system.
Today, 5 September 2018, TransferGo announced through Finextra that it integrated Ripple’s technology in order to increase trading speed and reduce standby time to 30 minutes per transfer.
As mentioned on TransferGo’s website:
“TransferGo is an international cheap money transfer company for migrant workers who want to send money back to their families without paying excessive bank fees. It was founded in 2012 and has offices in Lithuania and London, UK. Using the innovative system of TransferGo, migrants can transfer money abroad using a digital account-to-account business model, which means that money does not have to leave the country as funds are paid in and out locally. “
Founded in 2012 by Edvinas Šeršniovas, Daumantas Dvilinskas, Justinas Lasevičius, Arnas Lukoševičius, TransferGo provides varied options for cross-border transactions: “Free” (slowest: 2-3 working days); “Standard” (tomorrow, by 18:30); “Today” (by 18:30 the same day); “Standard” (tomorrow by 18:30); “Express” (tomorrow by 11:00); and “Now” (within 30 minutes).
According to TransferGo, the technology provided by the crypto giant Ripple (probably xVia and/or xCurrent instead of xRapid as it is not ready to go under production) allows users to trade “Now” from anywhere in Europe to India. Furthermore, the same technology lets users transfer for free to India – with a small minus, it takes 2-3 working days.
Daumantas Dvilinskas, Founder and CEO of TransferGo, commented:
“We’re delighted to be one of the first companies in the market to offer our customers real-time money transfers… by using Ripple’s revolutionary blockchain technology, we’re able to establish real-time communication between us and our banking partners in India, allowing TransferGo customers to send money to family and friends or make international payments immediately.”
TransferGo claims that Europe-India “corridor” brings substantial revenue for the company, and Ripple’s XRP adoption in the Asian country made it the “perfect choice” for such a service, and that “the success of these real-time transfers proves blockchain provides tangible customer value and opens up new horizons for TransferGo to develop additional products and services.”
Marcus Treacher, Ripple Senior Vice President of Customer Success, claimed in turn:
“At Ripple, we believe blockchain technology has the power to make money move as quickly as information moves today. TransferGo is a great example of a forward-thinking payment provider that’s leaning in to new technology to facilitate real-time, cross-border money transfers for their customers. That’s a big step forward.”
Author: Adriana Midrigan