TransferGo offers instant, low-cost global payments with help from Ripple.
Goal: TransferGo is on a mission to make moving money globally as simple and easy as sending a text.
Solution: RippleNet allows TransferGo to integrate with local banks and financial institutions around the world more efficiently and reduces processing times from a day to just minutes. Having started in India, the company is now using Ripple to open up new corridors to Southeast Asia, Latin America and Africa.
U.K.-based international money transfer service operating in 47 countries and 22 currencies
Transactions per month in India
Typical transfer processing time
“RippleNet has given us a competitive edge in India, where we're making a real difference to people’s lives by providing faster and cheaper remittances. We’re also developing new relationships and expanding to new geographies so we can become a global real-time payments service.”
Daumantas Dvilinskas, Co-Founder and CEO at TransferGo
Unlocking Greater Value for Customers
After joining RippleNet, TransferGo was able to integrate with new banking partners in India and reduce processing times for remittances to just a few minutes. These near-instantaneous transfers have attracted new customers who want their recipients to access the money they send immediately. Today, TransferGo processes more than 3,000 transactions a month in India, moving around two million pounds each year. The company is directly plugged into RippleNet’s global network of more than 300 financial institutions through one standard connection. This dramatically reduces integration time and cost as TransferGo looks to create new partnerships. Because of these savings, TransferGo is able to offer customers up to 90% cheaper transfer fees, meaning more of their customer's money goes to paying for their family’s rent, utilities and education costs.