TransferGo, which is a major London-based company offering cross-border payment solutions, recently announced that they are officially adopting Ripple ’s blockchain service. The new partnership will be aiming at enabling payment access from Europe to India.
According to the official press release distributed earlier by the company, TransferGo’s Ripple-powered payment platform is a “multi-billion dollar one that will foster easy transactions to India, and debunk Swift payment services in the country… Ripple helps to replace the multiple slow incumbent communications systems; most prominently Swift, where transfers can take up to 2-3 days”.
TransferGo currently offers its services in Europe and other countries such as HongKong. U.S, Israel, India, Canada, Australia, South Africa, and the Philippines.
Followed by the announcement, Cheif Executive Officer of TransferGo, Daumantas Dvilinskas commented on the new partnership with Ripple stating: “we are delighted to be one of the first companies in the market to offer our customers real-time money transfers. By using Ripple revolutionary blockchain technology, we are able to establish real-time communication between our banking partners and us in India, allowing TransferGo customers to send money to family and friends or make international payments immediately”.
From Ripple side, company SVP, Marcus Treacher shared official comments which read: “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”.
It was also reported that TransferGo has plans to initiate a free service to Europe and India in addition to making the access between the two countries possible. Here as well, the free service will make use of Ripple’s technology.
As of now, official information on which specific Ripple service will be chosen by TransferGo to implement the initiative has not yet been announced. Official updates on this matter are expected to be shared soon.