World's top recipient of remittance, Ripple, is working towards becoming a digitally empowered society.
Marcus Treacher, SV of Customer Success at Ripple in an interview with Jay Kim during the SWELL event revealed an Indian banking partner, previously unknown.
Finally out. My conversations with @bgarlinghouse @JoelKatz @ericvanm @marcus_treacher the executive team @Ripple during #swellbyripple in Sinagapore. Please enjoy! #XRPcommunity #xrp #cryptocurrency #Crypto #xrpthestandard #Ripple.
— Jay Kim (@jaykimmer) November 25, 2019
This came while he was pointing out some of its partners, sharing that SBI and SBI Remit are their “phenomenal” partners in Japan, Siam Commercial Bank and Standard Chartered Bank in Singapore, and Coinone in South Korea. Treacher further included QNB in Qatar, Al-Rajhi Bank, NCB, and Saudi British Bank in Saudi Arabia. He then took to list out company's partners in India stating,
“Many of the Indian banks we work with: Hindustan, Kotak, YES Bank, Axis Bank — recently one, HDFC in India.”
Digitally Empowered & Top Recipient of Remittance
Earlier this year, the company also partnered with another Indian bank, Federal Bank for cross border remittances.
Apart from these partnerships, Ripple also has a physical office in India that was launched two years back in Sep. 2017.
With the vision of a digitally empowered society that is predicted to be $1 trillion in the next three years, India offers a huge opportunity to Ripple. This opportunity extends to cross border remittances.
In 2018, India retained its position as the world’s top recipient of remittance, with $79 million sent back home, as per the World Bank report. India has been registering a significant flow of remittances over the last three years.
“Even a few minutes will be too slow” in 2020
Ripple’s partner TransferGo, a remittance firm also provides it with a competitive edge in the Indian market by “helping people save up to 90% on traditional fees for cross-border transfers.”
TransferGo is also planning to make the shift to On-Demand Liquidity (ODL), a product of Ripple that leverages XRP because as the company puts it by next year “even a few minutes will be too slow.”
By eliminating the need for pre-funding accounts, RippleNet provides an alternative to the traditional slow payments networks. With ODL, RippleNet customers can use the digital currency XRP to “bridge two currencies in three seconds” for quick transactions.
Recently, the company expanded this partnership to allow a sender in Europe to move funds in India.
TransferGo currently supports 22 currencies and has future plans to expand into Latin America, Africa, and Southeast Asia in 2020. Daumantas Dvilinskas, TransferGo Co-Founder and CEO shared,
“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.”