- Ripple is able to process transactions quickly within a few minutes, which TransferGo can do with their integration.
- Consumers that want to pay no fee can use TransferGo Free.
Ripple has made substantial progress in the cryptocurrency industry, partnering with many banks and payment processors that want access to their fast transactions, like TransferGo. TransferGo originally established their partnership with Ripple in 2018, allowing them to help migrant Indian workers to send their paychecks back to their families at a rapid pace. Now, the company has the ability to send funds from Europe to an account in India within minutes, according to a blog from Ripple.
Daumanta Dvilinskas, the co-founder and CEO of TransferGo, recently described how this development has positively impacted their customers, remarking that they were “able to pay out remittances in minutes.” Dvilinskas added,
“Our U.K. customers are second-and third-generation Indians sending money to family and friends in India to help them pay utility bills and cover education costs. TransferGo enables those recipients to get that buying power as quickly as possible. Ripple gives us a competitive edge in India, which is the largest global cross-border remittance market, and today we’re moving more than a couple of million pounds per year.”
TransferGo originally launched in 2012, aiming to make international transfers in Europe into a same- and next-day process for the many migrant workers. The biggest challenge that the company seemed to have then was the time and expense of the many integrations that they would need to establish with new banking partners whenever a new settlement corridor became available.
Dvilinskas explained that their pre-partnership infrastructure was “more traditional,” explaining that the platform “would link up directly with our bank partners but each one had a different technology stack.” Adding new partners took up substantial time and money, but RippleNet opened a new door. In the platform, TransferGo found “scalable opportunity to have one integration for multiple partners, so we don’t have to redo it each time.”
By linking with Ripple, TransferGo has reduced the costs associated with integration, and has been able to provide their customers with additional savings. Dvilinskas said that their customers are saving “up to 90% on traditional fees for cross-border transactions,” while getting a “fair price” from TransferGo. This type of performance makes it more likely that their customers will refer friends and families to their services, based on the trust established.
For consumers that don’t need to process transactions instantly, TransferGo created a free service as well – TransferGo Free – which takes a little longer but costs even less than the already-low fees. The time it takes for “instant” transfers is actually a few minutes long, but Dvilinskas states that that much time will be far too slow by next year. For that reason, TransferGo is aiming to integrate the On-Demand Liquidity with XRP that Ripple offers, as opposed to pre-funding. Using RippleNet, the company is also looking to expand to Southeast Asia, Latin America, and Africa markets.
Dvilinskas added, “We share a vision of a world where cross-border payments are frictionless and accessible. Ripple will continue to be a vital strategic partner in our mission to become a global real-time payments company.”
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