Financial services company ‘TransferGo’ hasproclaimedit’slaunching aremittancepassagewaytoIndiathat uses Ripple technology forreal timetransactions.
The company ‘TrasferGo’ in a recent press release statedthatemployingRipple servicespermitsitto replacethe “multiple slow incumbent communications systems, mostremarkable Swift,wheretransactions can take up to 2–3 days.”
The release however didn’tclarifywhich of the Ripple’s blockchain-based paymentsproduct‘TransferGo’ isemployingfor the service in India.
The company cited the “multi-billion dollar” Europe-to-India paymentspassagewayfor its initialtargeton that market, adding that high Ripple adoption in the country wasan element of consideration.
TransferGoconjointlyhinted thatthis mightsimplybethe beginningof its blockchain-based remittances,mentioning the new integrationis expected to open up new horizons for TransferGo to developextraproductand services.
The founder andCEOof TransferGo ‘Daumantas Dvilinskas’mentioning further of the release stated:
“ByemployingRipple’s revolutionary blockchain technology, we’reready toestablishreal timecommunication betweenusand our banking partners in India,permittingTransferGo customers to sendcashto family and friends orcreateinternational paymentsinstantly.”
The firmconjointlyproclaimeda slower and free servicealong the same corridor, that uses Ripple payment railsgivingzero fees and a mid-market rate payments that would arrive in two to three business days.
Ripple’s SVP ofuser’ssuccess, Marcus Treacher,stated that:
“TransferGomay be aniceexample of a forward-thinking paymentsupplierthat isleaning in to new technology to facilitate cross-bordercashtransfersfor their users which isa giantstep forward although.”