Transfer platform TransferGo has launched a real-time payment corridor in India, the largest remittance receiver in the world, using Ripple's blockchain technology.
In a press release, the payment provider announced the launch of "TransferGo" NOW & # 39; a service that says it is available to customers "from anywhere in Europe" to "make transfers instant money in India "using blockchain technology from San Francisco's fintech giant.
TransferGo founder and CEO, Daumantas Dvilinskas, declared:
"Using Ripple's revolutionary blockchain technology, we are able to establish real-time communications between us and our banking partners in India, allowing TransferGo customers send money to relatives and friends or make international payments immediately. "
While the company has stopped disclosing which of Ripple's blockchain products will use for the real-time payment service, it is likely to be on RippleNet. The solution is Ripple's corporate blockchain network with over a hundred financial institutions including payment providers, banks and remittance operators – even a central bank – as members.
The payment gateway to India was strategically chosen for the launch of Ripple-powered remittance service, said TransferGo, pointing to the "billions of dollars corridor [Europe to India]" combined with "l & # 39 • high adoption of Ripple in the Indian market. "
Ripple also has its own presence with an office in the city of Mumbai, commonly seen as the economic capital of India. A number of major Indian banks including Kotak Mahindra and Axis Bank are already members of RippleNet.
The two banks use Ripple xCurrent's corporate blockchain software to enable end-to-end tracking of payments and transactions on RippleNet. This particular solution does not rely on XRP, the cryptocurrency associated with Ripple that powers xRapid, a separate product that has been used by brokers and FX payment service providers.
"TransferGo is a prime example of a forward-looking payment provider who is leaning towards new technology to facilitate real-time cross-border cash transfers for their customers, which is a big step forward," said Marcus Treacher, vice president. senior of Ripple.
TransferGo also announced a "free" remittance service, also based on the Ripple blockchain, albeit with a slower settling time of 2-3 business days "with zero rates and an average rate (conversion ). "
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