TransferGo rolls out real-time remittance transfers powered by Ripple blockchain

TransferGo, a digital remittance company headquartered in London, has announced that it has started processing blockchain enabled real-time transfers by using Ripple’s technology.

The announcement comes hot on the heels of the launch of cryptocurrency trading facility by TransferGo in July.

TransferGo, which joined Ripple’s enterprise blockchain network RippleNet last October, has launched “TransferGo NOW,” which will allow customers to make instant money transfers to India from anywhere in Europe. It said that the multi-billion dollar Europe to India corridor was a “perfect choice” for the launch, particularly with the “high Ripple adoption in the Indian market”.

“We’re delighted to be one of the first companies in the market to offer our customers real-time money transfers,” said Daumantas Dvilinskas Founder and CEO of TransferGo “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.”

By using Ripple, TransferGo said it is able to do away with the multiple slow incumbent communications systems, particularly Swift, where transfers can take up to 2-3 days.

“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,” said, Marcus Treacher, SVP of Customer Success at Ripple.

In addition, TransferGo is also rolling out FREE money transfers between Europe and India, powered by the Ripple blockchain. The FREE service will have a delivery of 2-3 business days with zero fees and a mid-market rate.