Financial services company ‘TransferGo’ has proclaimed it’s launching a remittance passageway to India that uses Ripple technology for real time transactions.
The company ‘TrasferGo’ in a recent press release stated that employing Ripple services permits it to replace the “multiple slow incumbent communications systems, most remarkable Swift, where transactions can take up to 2–3 days.”
The release however didn’t clarify which of the Ripple’s blockchain-based payments product ‘TransferGo’ is employing for the service in India.
The company cited the “multi-billion dollar” Europe-to-India payments passageway for its initial target on that market, adding that high Ripple adoption in the country was an element of consideration.
TransferGo conjointly hinted that this might simply be the beginning of its blockchain-based remittances, mentioning the new integration is expected to open up new horizons for TransferGo to develop extra product and services.
The founder and CEO of TransferGo ‘Daumantas Dvilinskas’ mentioning further of the release stated:
“By employing Ripple’s revolutionary blockchain technology, we’re ready to establish real time communication between us and our banking partners in India, permitting TransferGo customers to send cash to family and friends or create international payments instantly.”
The firm conjointly proclaimed a slower and free service along the same corridor, that uses Ripple payment rails giving zero fees and a mid-market rate payments that would arrive in two to three business days.
Ripple’s SVP of user’s success, Marcus Treacher, stated that:
“TransferGo may be a nice example of a forward-thinking payment supplier that is leaning in to new technology to facilitate cross-border cash transfers for their users which is a giant step forward although.”