TransferGo payment opens a corridor to India with the help of technology Ripple
The payment service provider TransferGo has announced the launch of the corridor money transfer for India. He will use the technology of Ripple that allows you to perform transactions in real time. This writes CoinDesk.
According to a press release of the company, its service will be available “across Europe”, and the Ripple technology will allow him to replace “many current slow communication systems, the most notable of which is Swift in which transactions can take 2-3 days”.
In the press release does not specify how payment blockchain-product of Ripple have used TransferGo for their service.
Explaining why this one was chosen the market, the company TransferGo told that the European-Indian payment corridor is estimated at “several billion dollars”, and added that the determining factor was the “high” level of technology diffusion Ripple in this region.
In addition, TransferGo hinted that this is only the first blockchain-a project related to remittances, noting that this integration “TransferGo opens new opportunities to develop additional products and services”.
“Using the revolutionary blockchain technology Ripple, we will be able to perform communication in real time between us and our banking partners in India, allowing customers TransferGo instantly send funds to family and friends or to carry out international payments”.
The firm also announced a slower, but free service that will operate in the same corridor; he also uses the payment “rails” Ripple. This service will offer a “zero Commission and average market speed of execution of transactions” – according to a press release, payments will be within 2-3 working days.
Senior Vice President of Ripple on the customer experience Marcus Treacher said: “TransferGo is a great example of the payment service provider that thinks ahead, relying on new technology to provide its clients international money transfers in real time. This is a big step forward.”