TransferGo Now Offering Blockchain Remittance Services For India-Europe Corridorbr>
London-based remittance firm TransferGo has begun processing blockchain-enabled money transfers between India and Europe.
Launched in 2012, TransferGo is a digital remittance solution for migrant workers that uses a digital account-to-account business model, which means that money transfers do not have to leave the country as funds are paid in and out locally. TransferGo transfers money between 45 European countries and 22 currencies.
TransferGo announced that it is now offering customers to make instant money transfers to India from anywhere in Europe using Ripple’s blockchain technology. The company said that Europe to India is a multi-billion dollar corridor and, with high Ripple adoption in the Indian market, was the perfect choice for the first launch of this service.
“We’re delighted to be one of the first companies in the market to offer our customers real-time money transfers” said Daumantas Dvilinskas, Founder and CEO of TransferGo. “By using Ripple’s revolutionary blockchain technology, we’re able to establish real-time communication between us and our banking partners in India, allowing TransferGo customers to send money to family and friends or make international payments immediately.”
Used by companies such as UniCredit, UBS and Santander, Ripple 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.
“At Ripple, we believe blockchain technology has the power to make money move as quickly as information moves today. ” said, Marcus Treacher, SVP of Customer Success at Ripple. “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.”
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.