TransferTo to trial Stellar blockchain for cross-border money transfers

TransferTo, a cross-border mobile payments network, has entered into a partnership with Stellar.org for facilitating a more seamless and efficient settlement method between its network partners.

The partnership is expected to benefit financial institutions and partners of both Stellar.org and TransferTo. The combined network coverage would enable them to leverage new technologies to send and receive money more efficiently to over 70 countries.

“We always aim to be at the forefront of the payments industry, and by partnering with Stellar our goal is to trial the blockchain technology and scale our cross-border payment service to better serve our partners and reduce costs. This can enable our partners to better serve both the migrant workers sending money home and their families receiving it,” Aik-Boon Tan, Chief Customer Officer at TransferTo, said.

Founded in 2014, Stellar is a distributed and open-source blockchain platform that connects banks, payments systems, and people and provides an instant clearing, settlement, and execution platform, enabling value to move across borders, directly between banks and payment gateways. Earlier this month, it became the first distributed ledger technology (DLT) to obtain Sharia Certification for payments and asset tokenization.

“TransferTo is a leader and innovator in the remittance space, and has extensive experience and reach in emerging markets. We’re thrilled to be partnering with TransferTo to offer an expanded network for our current and future partners, as well as continue to drive greater financial inclusion for the underbanked,” Lisa Nestor, Director of Partnerships at Stellar.org, said.