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Swell 2018: TransferGo Claims to Have Reduced Payments Cost by 90% Using Ripple Blockchain

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by Bhushan Akolkar · 3 min read
Swell 2018: TransferGo Claims to Have Reduced Payments Cost by 90% Using Ripple Blockchain
Photo: Ripple

TransferGo aims to put itself on the next growth trajectory by implementing blockchain solutions that can be used by millions of people across the globe.

At the Ripple’s Swell 2018 two-day conference, a number of leaders from the global financial space spoke about the future of global payment systems. On October 2, the second day of Sell 2018, TransferGo CEO Daumantas Dvilinskas launched a free payments service – TransferGo FREE – for its global customers.

CEO Dvilinskas also detailed about how the company is delivering on its promise of ” making global real-time settlement a reality”. Further, he went to explain that TransferGo aims to eliminate existing friction from global payments and make them instant.

Dvilinkas further explained the changes his company has introduced since its launch six years back. He said that back then, the financial services industry operated in isolation. Creating global partners by forming individual partnerships was a big task at that time.

He remarked:

“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.”

He also mentioned that TransferGo has transformed people’s lives through such initiatives.

Reducing Costs and Improving Services

The CEO said that the company has reduced payments costs drastically by 90% in some regions. At the same time, it has remained highly successful in reducing settlement time and increasing transaction speed. At some places, the company claims the settlement times to be reduced to under 30%.

Dvilinskas cites a huge shift in consumer behavior wherein the customer sends small transactions more and more frequently. He says that TansferGo has saved a total of $25 million of customers’ funds. As a result, customers have clocked 20% more savings over the traditional methods.

The CEO says that effective cost reductions and improved transactions speeds have caused the company to grow at an unprecedented rate. As on date, TransferGo has 700,000 customers across 47 destinations worldwide and completes 1.5 million transactions per year.

However, Dvilinskas thinks that this is still not enough to steer global momentum for cross-border payments. The CEO puts a target to improve the customer base from 1 million to 100 million.

Ripple to Help Spearhead the Next Growth

TransferGo CEO Dvilinskas thinks that Ripple‘s innovative blockchain solutions can help the company reach its destination. He proposes the benefits of standardizing with APIs to build faster connections. Dvilinskas explained, “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.”

The newly established corridor between Europe to India facilitates real-time transactions while relying on a single API. In just a month of launch, TransferGo has clocked 315% growth. the CEO believes that as more retail customers get aware of this service, the volumes will continue to rise.

With the TransferGo’s example, it looks like financial institutions are taking serious efforts in implementing faster cross-border payments solutions. The latest report presented by Ripple shows that global organizations are preparing to adopt the blockchain technology which could trigger a huge economic revolution in the future.

Blockchain News, News
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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