TransferGo a digital remittance solution platform from London, Great Britain announced through a press release about its launch of real-time remittance transfers with San Franciscobased Ripple blockchain technology for migrants from Europe to India.
TransferGo founder and chief executive Daumantas Dvilinskas stated:
“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.”
Ripple at its core is constructed around a shared public ledger, which uses a consensus process that allows for payments, exchanges, and remittance in a distributed process.
Based on the announcement “Ripple services are the replacement of the multiple slow incumbent communications systems, most prominently Swift, where transfers can take up to 2–3 days.”
TrasferGo uses a digital account-to-account business model, which means that money transfers do not have to leave the country as funds are paid in and out locally.
Reportedly, India will be the world’s biggest remittance receiver, using Ripple’s blockchain technology due to its extensive adoption of Ripple. The company sees its growth with Ripple and its multi-billion dollar passage from Europe to India.
The success of real-time transfers proves that blockchain offers a substantial customer value and opens up new horizons for TransferGo to develop additional products and services.
Marcus Treacher, SVP of Customer Success at Ripple stated:
“At Ripple, we believe blockchain technology has the power to make money move as quickly as information moves today.”
“TransferGo is a great example of a forward-thinking payment provider that’s leaning into new technology to facilitate real-time, cross-border money transfers for their customers. That’s a big step forward.”
Further, TransferGo is also providing FREE money transfers which will have a delivery of 2-3 business days with zero fees and a mid-market rate between Europe and India, powered by the Ripple blockchain.
TransferGo also mentioned that this may be the start of its blockchain-based remittances and that this robust integration opens up new horizons for TransferGo to develop additional products and services soon.