Ripple is a company which aims to offer blockchain-based solutions to the financial sector. TransferGo, a company specializing in cross-border payments, has commercialized its real-time remittance transfer project powered by Ripple technology.
Commercial Use Cases for Ripple
There has been a strong focus on how Ripple’s technology can make the financial services industry better. The company’s primary focus lies on real-time transactions, powered by one of their native projects and the XRP asset. TransferGo has been the first company to officially launch a remittance solution while using Ripple technology. This move allows the company to effectively process blockchain-enabled real-time transfers across different countries.
This new feature is known as TransferGo NOW, and primarily focuses on the Indian market. In the world of remittance payments, India plays a big role. It is one of the market leaders in terms of money sent and received alike. As such, it is one of the countries which will benefit the most from any real-time payment solutions. Moreover, Ripple has been a great influence in India as well, thus this new service makes a lot of sense.
TransferGo CEO and Founder Daumantas Dvilinskas adds:
“We’re delighted to be one of the first companies in the market to offer our customers real-time money transfers 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.”
This is only the first project to be launched by TransferGo when it comes to Ripple technology. Another service will come to market soon, known as the TransferGo FREE service. It will power money transfers between Europe and India, with transactions being settled in 2-3 business days at no cost. It is rather interesting to see service providers explore free options in the remittance world. Whether or not Ripple will be able to speed up those transfers in the future, remains to be determined.
For all of the hate Ripple gets among the cryptocurrency community, it is one of the few projects which has working code in a commercial manner. The support of TransferGo is a major validation of Ripple’s technology and hard work over the past few years. Although it remains to be seen how successful TransferGo NOW service will be, it can certainly become a competitive solution in the remittance industry.