Ripple and TransferGo Expanding Partnership, Remittance Network Looking to Use XRP in New Markets
Ripple’s remittance partner TransferGo is looking to expand its use of the San Francisco startup’s cross-border payment solutions.
According to a new blog post, the companies are partnering to “offer global real-time payments everywhere to everyone.”
TransferGo CEO Daumantas Dvilinskas says the company is taking advantage of Ripple’s network of banks and financial institutions, called RippleNet, to expand to new regions.
“RippleNet is facilitating new relationships and helping us to expand to new geographies. We share a vision of a world where cross-border payments are frictionless and accessible…
We’re helping people save up to 90% on traditional fees for cross-border transfers. That makes a real difference to their lives.”
Ripple recently listed TransferGo as one of six companies that has implemented Ripple’s XRP-based cross-border payment solution called On-Demand Liquidity (ODL).
TransferGo is exploring how it can utilize ODL to move money without having to hold funds in bank accounts around the world in a process known as pre-funding.
“…TransferGo is looking to use RippleNet’s On-Demand Liquidity with XRP as an alternative to pre-funding.
At the same time, the company is expanding its real-time operations into new markets in Southeast Asia, Latin America and Africa with RippleNet.”
TransferGo launched in 2012 and is based in the UK.
It currently operates in 53 countries and says more than 833,000 users have signed up to use its services.