TransferGo is a popular London-based company that currently offer their customers cross border payment solutions. Recently, after a series of negotiations, the company have announced that they will be partnering with Ripple, and adopting the Ripple blockchain service in order to enable payment from Europe over to India. The high Ripple adoption in India played a part in making the Europe to India payments corridor an initial focus.
At the moment, the only services that are on offer are slow and cumbersome, and this new partnership aims to replace all the services that are currently in use, the most prominent of which being Swift. When using Swift, transfers have been known to take as long as 2 or 3 days to complete.
Transfer Go is already a thriving business, with customers all over the globe. Currently, they offer their services in HongKong, U.S, Israel, Australia, South Africa, Canada and India, as well as much of Europe. The Chief Executive Officer of the company was very excited about this new development, stating that he was delighted to be one of the first companies in the market to offer money transfers in real time. By using blockchain technology, they would be able to communicate quickly between their banking partners who are situated in India, making it easy for people to make international payments pretty much instantly.
In another company update, it has been suggested that TransferGo are looking to create a free service from Europe of India, again using the Ripple blockchain technology.
We do not yet know which of the Ripple services will be chosen by TransferGo, as official information is yet to be announced. Any updates on this are expected to be announced soon. It is likely that this is just the start of the company’s blockchain based remittances, as the horizon is now open TransferGo to develop further products and services.