Ripple Partner TransferGo Unveils Blueprint For Solving Real-Time Cross Border Payment Issues
Ripple’s 2018 iteration of its annual Swell conference saw various blockchain startups and firms present their unique ideas and visions to the world. For example, early on day two, Daumantas Dvilinskas, the CEO of TransferGo, explained to the caucus how his firm plans to change the game when it comes to facilitating “real-time global payments” by announcing the release of a new free, global money transfer service called ‘TransferGo FREE’, which as the name suggests, will allow for hassle free payments for everyone across the globe at no cost at all.
Elaborating further on his company’s core vision, Dvilinskas said that he aims to remove all existing ‘financial friction barriers’ from today’s global payments market so as to make monetary transactions seamless. Not only that, he also remarked on how during the past 7-8 years, the digital financial services community has come together and is now more integrated than ever before.
On the aforementioned issue, Dvilinskas also added:
“In effect, we built a glimpse of what the future of cross-border financial services would be. A truly real-time experience. Where customers can send money to their friends and family regardless of where they are. [Through this] We have transformed people’s lives.”
The TransferGo Advantage
Some of the core benefits of using TransferGo include:
- Decreased customer costs by up to 90 percent in some regions.
- Reduced settlement times to under 30 seconds.
- Guarantees of financial safety on each individual financial transaction.
When talking about how the digital payments market has grown over the past decade or so, Dvilinskas said that over the last 4-5 years, he has witnessed a substantial shift in “customer attitudes” and behavior. For example, he said that many people are now sending small sums of money (but with an increased frequency rate) to their relatives and associates throughout the world via digital means.
As a result of this, TransferGo has been able to help customers save around $25 million to date— primarily through eliminating peripheral transfer costs and bank charges.
On the visibility front, TransferGo now has more than 700K customers spread across 47 nations across the globe. In addition to this, the company’s official statistical data has shown that the firm now facilitates a total of 1.5 million economic transactions per year.
However, like any other CEO, Dvilinskas is not content with these numbers since he believes that in order to drive home the true impact of digital payment services from a global perspective, his company needs to increase its customer base from “one million people to one hundred million people”.
What Is TransferGo’s Expansion Strategy?
In order to constantly innovate and evolve within today’s digital payment segment, TransferGo has been working overtime to establish relationships with various leading crypto entities. For starters, the firm recently announced its partnership with blockchain giant Ripple as a result of which, TransferGo will be able to build faster connections and facilitate instant messaging, primarily by standardizing APIs.
In relation to the matter, Dvilinskas explained:
“We just launched our first xCurrent transactions from everywhere in Europe to India through a partnership with Access Bank. Ripple helped us build and manage this relationship.”
Therefore, customer transactions between Europe and India can now be facilitated in real-time (through the use of a single API system).
Lastly, it is also worth noting that TransferGo’s monthly growth has shot up by a staggering 315% recently— a number which Dvilinskas believes will only continue to increase as more retail customers continue to learn about their new service.
Closing out his address at Swell 2018, Dvilinskas announced to the gathering that in the coming weeks and months, his company now aims to make cross-border payments completely free and even offer the mid-market segment with ‘zero transaction fees’.
However, only time will tell now what the future has in store for TransferGo, but for now, the company looks primed for big things.