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TransferGo Launches Real-Time Payments to India with Ripple Blockchain Tech

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In a press release, the payments provider announced the launch of ‘TransferGo NOW’, a service which it says is available for customers “from anywhere in Europe” to “make instant money transfers to India” using San Francisco-based fintech giant Ripple’s blockchain technology.

TransferGo founder and chief executive Daumantas Dvilinskas said:

“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.”

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While the company stopped short of revealing which of Ripple’s blockchain products it will be using for the real-time payments service, it’s likely to be over RippleNet. The solution for this problem is called Ripple’s enterprise blockchain network which counts over a hundred financial institutions including payments providers, banks and remittance operators – even a central bank – as members.

The payments gateway to India was strategically chosen for the launch of the Ripple-powered remittance service, TransferGo said, pointing to the ‘multi-billion dollar [Europe to India] corridor’ combined with “high Ripple adoption in the Indian market.”

Ripple also has a presence in the city of Mumbai with an office, commonly seen as India’s business capital. A number of major Indian banks including Kotak Mahindra and Axis Bank are already members of RippleNet.

The 2 banks use Ripple’s enterprise blockchain software xCurrent to enable end-to-end tracking of payments and settlements over RippleNet. This particular solution does not rely on XRP, the Ripple-associated cryptocurrency that powers xRapid – a separate product that has been put to use by FX brokerages and payments providers.

“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,” Ripple senior vice president of customer success Marcus Treacher said.

TransferGo also announced a ‘free’ remittance service – also powered by Ripple’s blockchain – with a slower settlement time of 2-3 business days “with zero fees and a mid-market (conversion) rate.”

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