More

    Global Real-Time Payments Are Here with TransferGo via Ripple Partnership

    The popularity of Ripple has led to many partnerships through the last few years, as well as endorsements from local financial institutions. Even though TransferGo established their partnership last year, they are expanding on that collaboration to provide customers with even more.

    • 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.”

    Live Ripple (XRP) Price:

    1 XRP/USD =$0.2765 change ~ 2.68%

    Coin Market Cap

    $11.97 Billion

    24 Hour Volume

    $277.65 Million

    24 Hour VWAP

    $0

    24 Hour Change

    $0.0074

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,288FansLike
    2,765FollowersFollow
    4,134FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Gold Hits 7-Year High As Investors Jump into Safe Haven Assets But Bitcoin Not Following

    Coronavirus outbreak has the investors fearing a slowdown in global growth and piling into safe-haven assets like gold US dollar also rising while...

    Russia’s Central Bank And FSB Agree to Ban Cryptocurrency Payment Options

    A Russian local news source, recently reported that the country’s Central Bank and Federal Security Service (FSB) finally came to an agreement that cryptocurrencies...

    Binance CEO: We Aren’t “Operating” in Malta After MFSA Says Exchange Is “Not Authorized”

    Malta Financial Services Authority (MFSA) releases a statement stating “Binance is not authorized by the MFSA to operate” in the country Binance CEO...

    Virtual Game World Decentraland Launches On Ethereum, $100k In Hidden Prizes

    A virtual game that is developed on the Ethereum network has finally been launched to the public, the Block reports. The new game allows users...

    What’s Got Algorand's ALGO Jumping 26% And Still “Hot”

    Algorand flying, up 100% in 2020 so far, got fuel for another 100% run-up Binance.US announcing support for Algorand (ALGO) staking that went...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.