- Ripple and TransferGo will explore new avenues for collaboration, with a particular focus on preventing the need for “pre-funding”
- Firm will explore new markets, such as Latin America, with RippleNet backing
- “RippleNet is facilitating new relationships and helping us to expand to new geographies”, says co-founder and CEO
Blockchain remittances platform TransferGo has announced that it will work alongside one of its major partners to enhance its international money transfer options.
TransferGo, which is based in London, will work alongside San Francisco-based Ripple to deliver real-time payment solutions.
The firm already uses Ripple’s increasingly famous payments solution, On-Demand Liquidity (ODL).
It is one of six firms which uses ODL, an XRP-powered service.
However, it will now go further by looking for ways to make the most of ODL and to move cash from one place to the next – without the need for the cash to be kept in bank accounts, or for what is known as “pre-funding” to take place.
The firm will also use its RippleNet capabilities to open up opportunities in new markets around the world.
This is expected to include Southeast Asia, which is a fast-growing international payments hotspot.
Latin America and Africa are both expected to be included too.
In a blog post published on the Ripple website, the co-founder and CEO of TransferGo – Daumantas Dvilinskas – explained that past Ripple experiments in the international money transfer field carried out by the firm had been positive.
He cited India as a particularly strong case study.
“After launching our Ripple corridor to India, we were able to pay out remittances in minutes”, he said.
“Our U.K. customers are second-and third-generation Indians sending money to family and friends in India to help them pay utility bills and cover education costs. TransferGo enables those recipients to get that buying power as quickly as possible.
“Ripple gives us a competitive edge in India, which is the largest global cross-border remittance market, and today we’re moving more than a couple of million pounds per year”, he added.
He also cast an eye back to the pre-Ripple days of the past, and explained how the service had permitted his firm to change direction somewhat.
“Before RippleNet, we had a more traditional way of building our infrastructure”, he said.
“We would link up directly with our bank partners but each one had a different technology stack. Every integration was bespoke, which took up a lot of tech resources and was time-consuming.
“RippleNet is facilitating new relationships and helping us to expand to new geographies”, he added.
According to TransferGo, it’s possible for the fees paid by a customer using a Ripple service to be cut significantly – and in some cases this could be as much as 90%.
Find out all the latest on the Ripple revolution by heading over to our magazine pages and reading more articles about what’s going on in this part of the sector.
