Ripple provides TransferGo with Competitive edge In India Regarding Money RemittanceNovember 27, 2019
Ripple has American Express, Money Gram, PNC, Santander, SMI Remit, INSTAREM, BancoRendiMento, BeeTech, Interbank, Pontual, and Vitesse in their customer base. Several other financial institutions are prospecting to run on Ripple, impressed by the results that other financial institutions are enjoying with the global payments network of Ripple.
The RippleNet Growth has announced more than 300 customers.
TransferGo has partnered with Ripple to provide for Global real-time payments everywhere for everyone. In 2018, the partnership between TransferGo and Ripple was meant to help migrant Indian workers to be able to send home money faster.
Daumantas Dvilinskas, TransferGo’s Co-Founder and CEO, opines that this is an impressive technical achievement and that it has some real impact on the life of customers. He stated, “After launching our Ripple corridor to India, we were able to pay out remittances in minutes.” He further clarified that their customers were second and third-generation Indians who are sending money to their family and friends in India to help them pay for their utility bills and to cover up for education costs.
Therefore, TransferGo allows recipients to earn that buying power as quickly as possible. Ripple, according to TransferGo founder, provides them with a competitive edge in India regarding money remittance.
When talking about times before plugging to RippleNet’s global network of banks and financial institutions, Dvilinskas states that they had a traditional method of building their infrastructure. However, with RippleNet, he says they were able to have one integration for multiple partners, and he clarified how they did not have to redo it every time. He further stated, “We’re helping people save up to 90% on traditional fees for cross-border transfers.”
Dvilinskas states that 2020, even a few minutes might be very slow, and that is one reason why TransferGo is looking towards RippleNet’s On-Demand Liquidity with XRP as an alternative to the pre-funding. The company is also expanding its operations to new markets in Southeast Asia, Latin America, and Africa with RippleNet.
Dvilinskas concluded, stating, “We share a vision of a world where cross-border payments are frictionless and accessible. Ripple will continue to be a vital strategic partner in our mission to become a global real-time payments company.”
Ripple instantly moves money to all corners of the world. They ensure that global payments are made easy for customers. Many times, global payments are unreliable, slow, complex, and costly. RippleNet provides for the most advanced blockchain technology for making global payments. They are now making it easier for financial institutions to touch upon a trusted growing network of more than 300+ providers across 40+ countries in 6 continents.