TransferGo sees the power of Ripplenet
“After launching our Ripple corridor to India, we were able to pay out remittances in minutes,” explains TransferGo’s Co-Founder and CEO Daumantas Dvilinskas. “Our U.K. customers are second-and third-generation Indians sending money to family and friends in India to help them pay utility bills and cover education costs. TransferGo enables those recipients to get that buying power as quickly as possible. 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.”
Before RippleNet, TransferGo had a more traditional way of building its infrastructure. They would link up directly with their bank partners but each one had a different technology stack. Every integration was bespoke, which took up a lot of tech resources and was time-consuming. With RippleNet they saw a scalable opportunity to have one integration for multiple partners, so they don’t have to redo it each time. Plugging into RippleNet’s global network of banks and financial institutions has reduced integration costs and the company is passing those savings onto its customers.
“We’re helping people save up to 90% on traditional fees for cross-border transfers,” noted Dvilinskas. “That makes a real difference to their lives. Our customers know they get a fair price from us and refer us to their friends and families because they trust us.”
More to come
Dvilinskas acknowledges that by 2020, even a few minutes will be too slow, which is why 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.
“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.”