Copy link
Increase text size
Decrease text size
Link copied

TransferGo plans to use Ripple’s On-Demand Liquidity solution that leverages XRP

Tue, 26 Nov 2019, 11:14 am UTC

Digital remittance company TransferGo is planning to use RippleNet’s On-Demand Liquidity (ODL) that leverages XRP, Ripple’s native token.

TransferGo became a RippleNet member back in 2017. Last year, it teamed up with Ripple to allow Indian migrant workers to make instant money transfers to India from anywhere in Europe. It now allows any sender in Europe to transfer funds to a recipient bank account in India.

Daumantas Dvilinskas, TransferGo’s Co-Founder and CEO, said that the launch of the Ripple corridor to India enabled the firm to pay out remittances in minutes.

Before its recourse to RippleNet, the firm had a traditional approach which involved linking up directly with its bank partners. Dvilinskas said that this approach took up a lot of tech resources and time as every integration was bespoke.

“Ripple gives us a competitive edge in India, which is the largest global cross-border remittance market, and today we’re moving more than a couple of million pounds per year,” Dvilinskas added. “With RippleNet we saw a scalable opportunity to have one integration for multiple partners, so we don’t have to redo it each time.”

Through RippleNet, the company is helping people save up to 90% on traditional fees for cross-border transfers, Dvilinskas said.

Furthermore, he noted that by 2020 “even a few minutes will be too slow” and therefore TransferGo now intends to use ODL as an alternative to pre-funding. The company is currently expanding its real-time operations into new markets in Southeast Asia, Latin America and Africa with RippleNet.

“RippleNet is facilitating new relationships and helping us to expand to new geographies,” concludes Dvilinskas. “We share a vision of a world where cross-border payments are frictionless and accessible. Ripple will continue to be a vital strategic partner in our mission to become a global real-time payments company.”

Just recently, Ripple announced that it has surpassed 300 customers while witnessing 10x year-over-year growth in transactions on RippleNet. It also said that more than two dozen customers, including MoneyGram, goLance, and Viamericas, have signed on to use ODL in less than a year since its commercialization

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,790.34 (-0.06%)
  • Ethereum (ETH) $267.65 (+6.78%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $409.61 (+5.62%)
  • Bitcoin SV (BSV) $315.13 (+16.11%)
  • Bitcoin (BTC) $9,790.34 (-0.06%)
Feb 18, 2020 (Tuesday)
06:46
France-based Lagardère Sports partners with blockchain-based fan engagement platform Chiliz
05:36
Binance launches cloud solution to simplify launching cryptocurrency exchanges
04:52
Crypto Technicals: BTC/USD hovers around 21-EMA (9690), potential 'Golden Cross' limits downside
04:51
Telecom giants jointly test blockchain solution for automating roaming discount agreements
Feb 17, 2020 (Monday)
13:34
Fullerton Markets adds support for cryptocurrency deposits and withdrawals
13:02
Crypto asset custodian Copper raises $8M in Series A round
12:06
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:05
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:58
CFTC sues Colorado resident with fraud in crypto-related Ponzi scheme
11:22
Crypto Technicals: ETH/USD slips below 5-DMA, 'Golden Cross' to limit downside
11:15
Central Bank of The Bahamas to roll out CBDC in H2 2020
10:45
Stellar Development Foundation joins Blockchain Association
10:21
Dubai Multi Commodities Centre to launch blockchain-based sugar trading platform
10:20
Crypto Technicals: BTC/USD holds 21-EMA support, break below could see further weakness
09:22
Binance applied for an operating license in Singapore, CEO confirms
07:23
IOHK establishes new research lab at University of Wyoming
06:53
Chinese forex regulator SAFE’s blockchain cross-border financing pilot continues expansion
05:14
Blockchain social media platform Steemit to migrate to TRON network
Feb 14, 2020 (Friday)
13:11
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:11
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft