TransferGo Looking Into XRP Powered xRapid To Enhance Their Cross-Border Payments
TransferGo, a partner of Ripple has just announced publically that they are exploring the advantages of Ripple’s xRapid.
The company’s CEO Daumantas Dvilinskas confirmed on Twitter.
He had earlier announced that the company was going to launch a remittance corridor from Europe to India that will utilize Ripple’s tech for more cost-effective and instant transactions.
“By using Ripple’s revolutionary blockchain technology, we’re able to establish real-time communication between us and our banking partners in India, allowing TransferGo customers to send money to family and friends or make international payments immediately.”
TransferGo is an international cheap money transfer company for migrant workers who want to send money back to their families without paying excessive bank fees. It was founded in 2012 and has offices in Lithuania and London, UK. Using the innovative system of TransferGo, migrants can transfer money abroad using a digital account-to-account business model, which means that money does not have to leave the country as funds are paid in and out locally.
xRapid is for payment providers and other financial institutions who want to minimize liquidity costs while improving their customer experience. Because payments into emerging markets often require pre-funded local currency accounts around the world, liquidity costs are high. The platform dramatically lowers the capital requirements for liquidity. It uniquely uses a digital asset, XRP, to offer on-demand liquidity, which dramatically lowers costs while enabling real-time payments in emerging markets. Built for enterprise use, XRP offers banks and payment providers a highly efficient, scalable, reliable liquidity option to service cross-border payments.
Notably, both the companies have their goals aligned. Dvilinkskas continued:
“We believe in stripping down the complicated fee structures that can be difficult to understand – we want our customers to have complete confidence that we are providing a service with no transaction fee and no mark up on exchange rates, it’s just free.”