Stellar Blockchain Integrated To TransferTo’s Mobile Payments Networkbr>
TransferTo is a cross-border mobile payments network that interconnects financial institutions and digital financial service providers globally to facilitate real-time international mobile top-ups and money transfers to and from emerging markets.
Stellar is a distributed and open-source blockchain platform that connects diverse financial systems and facilitates cross-asset transfers of value around the world. At launch, Stellar was based on Ripple. After systemic problems with the existing consensus algorithm were discovered, Stellar created an updated version of the protocol with a new consensus algorithm, which allows for decentralized control, flexible trust, low latency, and asymptotic security. Stellar recently received a sharia-compliant certification from Bahrain’s Shariyah Review Bureau (SRB).
With the Stellar integration, TransferTo aims to enable a more seamless and efficient settlement method between its network partners. Financial institutions and partners of both Stellar and TransferTo will benefit from the combined network coverage, and be able to leverage new technologies to send and receive money more efficiently to more than 70 countries.
Aik-Boon Tan, Chief Customer Officer at TransferTo, said that the partnership will enable their partners to better serve both the migrant workers sending money home and their families receiving it.
“We always aim to be at the forefront of the payments industry, and by partnering with Stellar our goal is to trial the blockchain technology and scale our cross-border payment service to better serve our partners and reduce costs,” Tan said.
Lisa Nestor, Director of Partnerships at Stellar, said that this partnership will allow them to offer an expanded network for their current and future partners, as well as continue to drive greater financial inclusion for the underbanked.