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- Ripple is working with TransferGo to revolutionize cross-border payments within Europe.
- By using Ripple’s payment solutions, integration costs are to be reduced and the transfer speed increased.
As early as 2018, TransferGo partnered with Ripple to help Indian migrant workers send money home to their families faster. Today, the company can transfer funds from a sender in Europe to a recipient account in India within minutes. Ripple provided a payment solution, also known as On-Demand Liquidity (ODL), which companies can use to process wire transfers in near real time.
TransferGo will use ODL to accelerate transactions
CEO and co-founder of TransferGo, Daumantas Dvilinskas, describes that Ripple has greatly improved the payment corridor to India:
After launching our Ripple corridor to India, we were able to pay out remittances in minutes.
Many customers come from the UK and are second or third generation Indians who send money home to their relatives and families. The use of Ripple gives the company a significant competitive edge:
TransferGo enables those recipients to get that buying power as quickly as possible. Ripple gives us a competitive edge in India, which is the largest global cross-border remittance market, and today we’re moving more than a couple of million pounds per year.
Before connecting to RippleNet, it was difficult to establish contact with banks and then discuss all technical issues. The implementation and integration of the necessary software also took a lot of time and nerves. By using RippleNet, it is no longer necessary to reinstall the software every time and to develop a tailor-made solution.
Dvilinskas further states that the fees could be reduced by up to 90 percent and thus the cost savings could be passed on to the customers:
We’re helping people save up to 90% on traditional fees for cross-border transfers. That makes a real difference to their lives. Our customers know they get a fair price from us and refer us to their friends and families because they trust us.
On average, a worldwide transfer at TransferGo takes 7 minutes. The costs vary depending on which option the customer chooses. Many users like to pay a relatively low price, in the certainty that the transaction will be completed in a very short time and the money will arrive at the recipient.
The CEO of TransferGo admits that even a few minutes for 2020 will not be up to date and therefore TransferGo intends to use ODL. The company will also use RippleNet to expand its activities into new markets in Southeast Asia, Latin America and Africa.
Ripple continues to expand
As we reported earlier, Ripple completed its USD 50 million investment in MoneyGram yesterday. Ripple now holds 10 percent of all MoneyGram shares. The partnership with MoneyGram has enabled Ripple to open up new payment corridors and to make a decisive contribution to the adaptation of XRP.
At the Swell conference, Ripple reported that the payment markets Brazil and Australia will be developed and Thailand will follow next year. Another cooperation between SBI Ripple Asia and MoenyGram will open up the first payment corridor from Japan to Vietnam using distributed ledger technology to process payments in real time.
In addition to traditional business transactions, Ripple has provided funding for companies to expand the use of XRP. Ripple has invested in Flare Networks to execute and develop smart contracts on the XRP ledger. These steps demonstrate Ripple’s commitment to expanding the scope of XRP.
However, XRP’s price has risen (+3.68%) to $0.2197 in the last 24 hours.
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