Ripple’s partner TransferGo to offer free cross-border payments; opens corridor between India and Europe

TransferGo, a global payment and settlement company, spoke about their new product during Ripple’s Swell Conference. The product will allow their customers to make free global payments anywhere in the world and is known as TrasferGo FREE.

Speaking as one of the customers of Ripple at their annual conference, Daumantas Dvilinskas, the CEO of TransferGo, elaborated upon their mission to remove friction from global payments, and make them “instant”. He went on to say:

“In effect, we built a glimpse of what the future of cross-border financial services would be. A truly real-time experience. Where customers can send money to their friends and family regardless of where they are. We have transformed people’s lives.”

Reportedly, the firm has saved $25 million for customers of the service. This has translated to an approximately 20% increase in their available income. According to Dvilinskas, this brought about a shift in the behavior of their consumers, as they began engaging in smaller, more frequent transactions.

The firm has over 700,000 customers across the world and is said to complete around 1.5 million transactions every year. They utilize Ripple’s xCurrent technology to manage some of these transactions and recently launched a payment corridor from Europe to India through a partnership with Axis Bank.

Dvilinskas also spoke about the advantages offered by Ripple, such as their standardized APIs for faster connections and real-time messaging for managing risk profiles of customers more effectively.

The CEO stated:

“We just launched our first xCurrent transactions from everywhere in Europe to India through a partnership with Access Bank. Ripple helped us build and manage this relationship.”

Reportedly, this corridor offers real-time transactions, supported by only one API. This has led to the remittances company growing by over 315% in just the last month.

This led to his explaination about cross-border payments and the pain points faced by consumers. Most of all, the cost of these transactions are the major friction point for most of the clients of TransferGo. Moreover, existing systems like correspondent banking do not offer transparency to their users, instead of relying on a safety net of agreements and contracts. The CEO also pointed this out as a pain point for the customers.