Author: Jagdish Kumar, India
Looking at immense scope in the remittances service in India from Europe, London based remittance firm, TransferGo has begun processing Blockchain enabled money transfers.
The company uses a unique digital remittance solution for migrant workers where it uses a digital account-to-account business model.
Under this model, money which is to transfer, do not have to leave the country as funds are paid in and out locally.
Speaking on this development, TransferGo Founder and CEO Daumantas Dvilinskas said that we are the first companies in the market to offer our customers real-time money transfers.
The company will be using Ripple’s revolutionary Blockchain technology. With this, TransferGo will be able to establish real-time communication between us and our banking partners in India, allowing our clients to send money to family and friends or make international payments immediately, Dvilinsk added.
Asking why they have selected Ripple as their partner, Dvilinskas said that with high Ripple adoption in the Indian market, it was the perfect choice for the first launch of this service.
The company said that Europe to India is a multi-billion dollar corridor. It current transfers money between 45 European countries and 22 currencies.
The company said that Ripple has been used by companies such as UniCredit, UBS and Santander. it has been increasingly adopted by banks and payment networks as settlement infrastructure technology.
Ripple is built upon a distributed open source Internet protocol, consensus ledger and the decentralized native cryptocurrency known as XRP. One of the specific functions of XRP is as a bridge currency, which can be necessary if no direct exchange is available between two currencies at a specific time.
Commenting on this development, Ripple senior vice president customer success Marcus Treacher said that TransferGo is a great example of a forward-thinking payment provider that’s leaning in to new technology to facilitate real-time, cross-border money transfers for their customers. That’s a big step forward.
Treacher said, Ripple believe Blockchain technology has the power to make money move as quickly as information moves today.
TransferGo will also offer free money transfers between Europe and India, powered by the Ripple Blockchain. The service will have a delivery of 2-3 business days with zero fees and a mid-market rate.
Image credit: TransferGo