TransferGo which is an important London-based company offering cross-border payment solutions, recently announced that they are officially adopting the Ripple blockchain service. The new partnership will aim to allow access to payments from Europe to India.
According to the official press release previously distributed by the company, TransferGo's Ripple-based payment platform is a "multi-billion dollar company that will promote easy transactions in India, and lose Swift payment services in the country …" Ripple helps to replace the many incumbent lens communication systems, the most important Swift, where transfers can take up to 2-3 days ".
TransferGo currently offers its services in Europe and in other countries such as Hong Kong. United States, Israel, India, Canada, Australia, South Africa and the Philippines.
Followed by the announcement, Cheif Executive Officer of TransferGo, Daumantas Dvilinskas commented on the new partnership with Ripple stating: "We are pleased to be one of the first companies on the market to offer our customers real-time money transfers. Using Ripple's revolutionary blockchain technology, we are able to establish real-time communications between our banking partners and us in India, allowing TransferGo customers to send money to family and friends or make international payments immediately.
By Ripple side, SVP company, Marcus Treacher shared official comments that said: "At Ripple, we believe that blockchain technology has the power to make money move as quickly as information moves today. TransferGo is a prime example of a forward-looking payment provider that is leaning towards new technologies to facilitate real-time cross-border cash transfers for its customers. This is a big step forward.
It was also reported that TransferGo plans to start a free service for Europe and India as well as making access between the two countries possible. Here too, the free service will use Ripple technology.
As of now, official information on which specific Ripple service will be chosen by TransferGo to implement the initiative has not yet been announced. Official updates on this topic will soon be shared.