- Ripple’s long-time partner TransferGo has entered into a cooperation with CurrencyCloud to further increase the reach of its own network.
- This new partnership allows TransferGo to enter 14 new markets and reach up to 69 new countries with payment services.
Ripple entered into a partnership with TransferGo in early 2018 to help Indian migrant workers send their hard-earned money home to their families. Recently, Ripple also announced that the partnership has been further expanded in Europe and recipients in Europe can receive their money within minutes. TransferGo has further expanded its reach with a new partnership.
TransferGo partners with CurrencyCloud
TransferGo has announced that the company has partnered with the Currency Cloud payment platform. This is in a bid to revolutionize cross-border remittance and meet the unique needs of customers in 69 countries in general. CEO and Co-Founder of TransferGo, Daumantas Dvilinskas said:
Our mission is to create financial options and access for hardworking migrant communities around the world. At the same time, we recognise that our customers the world over have unique money transfer needs. Our partnership with Currencycloud will help us meet these varying needs with further scale and reach.
Cross-border payments are known to be very cumbersome, slow and expensive with banks charging high fees to facilitate such payments. The two companies have the common goal to remove these hindrances and make international funds transfer as seamless as possible.
This according to VP of Sales, EMEA at Currencycloud, Digby Try, is the mission of the company and partnering with Transfergo will help make the dream a reality.
Currencycloud was launched with the intention of democratising cross-border payments. Working with TransferGo is a perfect example of how we envisaged helping to make the complicated, opaque and expensive process of sending money overseas far more simple.
Currencycloud already launched Currencycloud Spark, a payment solution that allows customers to collect, store, convert and pay in 35 currencies worldwide. TransferGo intends to leverage Ripple’s On Demand Liquidity (ODL) to reduce the cost of money transfer significantly in the over $529 billion remittance industry. Together, the two companies intend to expand their reach to Africa, the Middle East and Asia to mention a few.
A growing competition
The remittance industry is growing rapidly and as such, the competition is getting bigger as well. Even legacy money transfer institutions are upgrading to compete favourably with blockchain-based companies such as Ripple. Recently, payment giant Visa acquired Plaid, a financial services platform based in San Francisco, California. This according to Visa is in a bid to improve its services and expand its reach.
This is seen as a major competition against blockchain-based payment networks like Ripple or Stellar. TansferGo and Currencycloud partnership may be the best way for the two companies to thrive in the industry and make international payments easier and more affordable for customers.
Such partnership with Ripple has helped MoneyGram see huge increase in patronage and made it highly competitive in the growing industry with a recent expansion to India. Will XRP which provides liquidity grow as well? It is currently trading at $0.23 with a 6% gain in the last 24 hours.