This article was first published on Insights – Ripple
In 2018, TransferGo partnered with Ripple on a program to help Indian migrant workers send money home to their families faster than ever. Today, the company can transfer funds from a sender in Europe to a recipient bank account in India in just a few minutes.
According to TransferGo’s Co-Founder and CEO Daumantas Dvilinskas, this impressive technical achievement has a real impact on the lives of customers.
“After launching our Ripple corridor to India, we were able to pay out remittances in minutes,” explained 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.”
High-Speed Word-Of-Mouth Growth
When it launched in 2012, TransferGo’s mission was to enable same-and next-day international transfers for Europe’s broad base of migrant workers. The company’s biggest challenge was the time and expense of constantly integrating with new banking partners every time it opened new settlement corridors.
“Before RippleNet, we had a more traditional way of building our infrastructure,” recalled Dvilinskas. “We would link up directly with our 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 we saw a scalable opportunity to have one integration for multiple partners, so we 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 ...
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Insights – Ripple