Today, September 5th, 2018, TransferGo, a payment processing service, reported via Finextra that it uses Ripple technology to support payments from Europe to India in under 30 minutes.
“TransferGo is an international cheap money transfer company for migrant workers who want to send money to their families without paying excessive bank fees.,” its official site reads. Founded in 2012, with offices in Lithuania and the UK, TransferGo allows its users to “transfer money abroad using a digital account-to-account business model.”
TransferGo provides various cross-border payment solutions namely, “Free” (2-3 business days), “Standard” (in the next day), “Today” (in the same day), “Express” (in the next day by 11:00), and “Now” (under 30 minutes).
TransferGo uses Ripple technology to conduct payments from Europe to India in under 30 minutes
TransferGo is asserting that Ripple technology, most likely xVia and/or xCurrent rather than xRapid, as the former is still not available for mass use, permits the use of the “Now” service from any location in Europe or India.
“We are delighted to be one of the first companies in the market to offer our customers real-time money transfers. Thanks to Ripple’s revolutionary blockchain technology, we can establish real-time communication between our banking partners in India and us, allowing TransferGo customers to send money to family and friends or make international payments immediately,” explained Daumantas Dvilinskas, founder and CEO of TransferGo.
The company also reports that the Europe-India payment corridor is a multi-million dollar one, while the high rates of Ripple adoption across India made this blockchain the perfect option for the new service TransferGo offers.
“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,” stated Marcus Treacher, Ripple’s Senior Vice President of Customer Success.