TransferGo has partnered with Ripple to facilitate blockchain-based near real-time transfers to India from European countries.
Through the new service, TransferGo aims to replace slower communications systems that enable remittances in two to three days.
The remittance firm did not disclose which Ripple product will power the new service.
Ripple 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.”
TransferGo partnership to bring real-time transfers
The new offering is said to be triggered by high Ripple adoption in India and the multi-billion dollar payments corridor between Europe and India.
The money transfer firm will also launch TransferGo Free. This service will carry out remittances between Europe and India without charging any fee.
The firm will apply mid market rate for the free money transfer service, which Ripple will also power. This service will enable settlement in three days.
TransferGo founder and CEO Daumantas Dvilinskas said: “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.”