TransferGo announced today that it has begun processing blockchain enabled real-time transfers through Ripple.
TransferGo NOW is available for customers to make instant money transfers to India from anywhere in Europe.
“We’re delighted to be one of the first companies in the market to offer our customers real-time money transfers” said Daumantas Dvilinskas Founder and CEO of TransferGo “by using Ripple’s revolutionary blockchain technology, we’re able to establish real-time communication between us and our banking partners in India, allowing TransferGo customers to send money to family and friends or make international payments immediately.”
Ripple is a replacement for the multiple slow incumbent communications systems, most prominently Swift, where transfers can take up to 2-3 days.
Europe to India is a multi-billion dollar corridor and, with high Ripple adoption in the Indian market, was the perfect choice for the first launch of this service. The success of these real-time transfers proves blockchain provides tangible customer value and opens up new horizons for TransferGo to develop additional products and services.
TransferGo is also launching FREE money transfers between Europe and India, powered by the Ripple blockchain. The TransferGo FREE service will have a delivery of 2-3 business days with zero fees and a mid-market rate.
“At Ripple, we believe blockchain technology has the power to make money move as quickly as information moves today. ” said, Marcus Treacher, SVP of Customer Success at Ripple. “TransferGo is a great example of a forward-thinking payment provider that’s leaning in to new technology to facilitate real-time, cross-border money transfers for their customers. That’s a big step forward.”