Ripple xRapid to Be Used by Transpaygo for International Transfers to Mexico and Philippines

Ripple is constantly looking for options to establish forward progress in their brand, using their different products to appeal to a broad market. Recently, they partnered up with Transpaygo, which is based in Vienna as a fintech startup. The new partnership will make it possible for the new partners to make transfers within Mexico and the Philippines. The founder of Transpaygo believes that their work with Ripple will help with the “future of international exchange rate transfers.”

Transpaygo is just one of the companies lately to join Ripple’s collaborations, focusing primarily on international payment transfers, impacting companies that are medium-sized and smaller. The startup was initiated by Mirko Kinigadner, along with the Fonmoney platform that allows consumers to recharge their prepaid mobile phones and make bank transfers in Europe.

In a statement from Kinigadner, he said,

“Thanks to Ripple, we can tap the promising markets of Mexico and the Philippines in a whole new way for money transfer. In this cooperation, we see the future: even safer and cheaper money transfers abroad. And in a few minutes.”

Ripple’s xRapid functions as an alternative to SWIFT, which is the present payment system in place for payment transfers internationally. Transpaygo wrote,

“The process lists transaction blocks with mini contracts in a chain structure, which are retrievable and unchangeable at any time by both transaction partners. This allows Transpaygo to provide a quick overview of the payment system.”

Kinigadner has expressed that the ability to trace the international transactions have become necessary. By Transpaygo partnering with Ripple, the transfers will now take a few minutes, despite the distance. Kinigadner added,

“In addition, the cryptocurrency as an intermediate currency in the future will ensure simplified exchange opportunities between currencies that are not traded so often. Ultimately, this would contribute to a cost reduction.”

Kinigadner added,

“There’s much debate in the financial industry about Blockchain, but the potential has not yet been exploited. We’ll change that now.”

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