Payment provider TransferGo has announced it is launching a remittance corridor to India that uses Ripple technology for near real-time transactions.
Available from “anywhere in Europe,” the firm said in a press release that using Ripple’s services allows it to replace the “multiple slow incumbent communications systems, most prominently Swift, where transfers can take up to 2–3 days.”
The release did not clarify which of Ripple’s blockchain-based payments products TransferGo is using for the service.
The payments company cited the “multi-billion dollar” Europe-to-India payments corridor for its initial focus on that market, adding that “high” Ripple adoption in India was a factor.
TransferGo also hinted that this may just be the start of its blockchain-based remittances, saying the integration “opens up new horizons for TransferGo to develop additional products and services.”
Daumantas Dvilinskas, founder and CEO of TransferGo, said in the release:
“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.”
The firm also announced a slower but free service along the same corridor, that also uses Ripple payment rails. Offering “zero fees and a mid-market rate,” payments will arrive in 2-3 business days, according to the release.
Ripple’s SVP of customer success, Marcus Treacher, said “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.”