The launch of ‘TranferGo Now’ was announced by the payments provider through a release. This service now enables the customers from anywhere in Europe to transfer money instantly to India using the blockchain technology of San Francisco based fintech stalwart, Ripple.
While explaining about the new product of TransferGo, Daumantas Dvilinskas, founder and chief executive of the payments provider said, “The real-time communication between us and our banking partners in India has been established with the help of revolutionary blockchain technology of Ripple. With this product, the customers of TransferGo will be able to send money to their family and friends and even make international payments instantly.”
While the company stopped short of revealing which of Ripple’s blockchain products it will be using for the real-time payments service, it’s likely to be over RippleNet. The solution is Ripple’s enterprise blockchain network which counts over a hundred financial institutions including payments providers, banks and remittance operators – even a central bank – as members.
The payments gateway to India was strategically chosen for the launch of the Ripple-powered remittance service, TransferGo said, pointing to the ‘multi-billion dollar [Europe to India] corridor’ combined with “high Ripple adoption in the Indian market.”
Ripple also has a presence of its own with an office in the city of Mumbai, commonly seen as India’s business capital. A number of major Indian banks including Kotak Mahindra and Axis Bank are already members of RippleNet.
The two banks use Ripple’s enterprise blockchain software xCurrent to enable end-to-end tracking of payments and settlements over RippleNet. This particular solution does not rely on XRP, the Ripple-associated cryptocurrency that powers xRapid – a separate product that has been put to use by FX brokerages and payments providers.
Marcus Treacher, Senior Vice President of Ripple Customer Success says, “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.”
TransferGo also announced a ‘free’ remittance service – also powered by Ripple’s blockchain – albeit with a slower settlement time of 2-3 business days “with zero fees and a mid-market (conversion) rate.”