Stellar Lumens (XLM) to be Used by TransferTo For Cross-Border Payments
TransferTo Teams Up With Stellar Lumens
Singapore-based mobile network TransferTo has teamed up with Stellar Lumens in a fresh bid to bump up its international money transfer services. The company, which majors in B2B international mobile payments, targets financial institutions and partners of both companies with their new collaboration.
Expected benefits from the new partnership
Stellar is a decentralized and open-source platform that utilizes blockchain technology to harness financial systems and to assist cross-asset transfers worldwide. Alternatively, TransferTo focuses on international mobile transactions for emerging markets. The company links digital financial service providers and financial organizations worldwide. With the two founders coming together to form a partnership, they seek to benefit from:
“combined network coverage, and be able to leverage new technologies to send and receive money more efficiently to more than 70 countries.”
Response from the leaders
According to Lisa Nestor, the Director of Partnerships at Stellar, TransferTo is “a leader and innovator in the remittance space…” She also emphasized that she was delighted about the collaboration and added that it had a promising outlook.
“We’re thrilled to be partnering with TransferTo to offer an expanded network for our current and future partners, as well as to continue to drive greater financial inclusion for the underbanked,” Nestor said.
— Lisa Nestor (@nestorious828) July 25, 2018
On the same note, Aik-Boon Tan, the Chief Customer Officer at TransferTo, declared that his company is doing its best to be at the “forefront of the payments industry.” He also confirmed that the partnership will help them achieve their objective:
“to trial the blockchain technology and scale our cross-border payment service to better serve our partners and reduce costs.”
Tan also believes that the collaboration “can enable our partners to better serve both the migrant workers sending money home and their families receiving it.”