TransferTo, an international money transfer company with a presence and excellence in more than 70 countries, has announced its partnership with Stellar (XLM), a major competitor of Ripple in cross-border money transfer.
The partnership is intended to purposely improve the way money is transferred across borders in the world, in a statement by TransferTo.
The deal, according to the statement, is intended to give fintechs and partners under Stellar and TransferTo the advantage that the new collaborations are created.
Stellar and TransferTo join forces to create a trustworthy and seamless way that transfers are easy to make.
The new technology provided by the two partners will be used in cross-border transfers by those associated with either company, bringing Stellar to over 70 countries where TransferTo has loyal customers.
The integration of Stellar and TransferTo will enable a more seamless and efficient settlement method between the two partners’ network, the TransferTo statement said.
Aik-Boon Tan, Chief Customer Officer at TransferTo, who spoke about the development, said:
“We always want to be at the forefront of the payments industry, and by partnering with Stellar, our goal is to test blockchain technology and scale our cross-border payment service to better serve our partners and reduce costs. This can enable our partners to better serve both the migrant workers who send money home and their families who receive it. “
In the same vein Lisa Nestor, Director of Partnerships at Stellar.org, pointed out: “TransferTo is a leader and innovator in the remittance space and has extensive experience and reach in emerging markets. We are very excited to be working with TransferTo to offer our current and future partners an expanded network and continue to drive greater financial inclusion for the under-banks. “
Stellar is a distributed and open source blockchain platform with powerful use cases connecting financial institutions and digital financial services providers around the world. It is hoped that this partnership will create an inexpensive, yet effective, way that transfers are made with simple clicks.
Stellar was fantastic.
Stellar becomes a leader in the world of wire transfers. The platform received a Shariah Compliance Certificate from the Shariah Review Board (SRB), a leading international Shariah advisory agency licensed by the Central Bank of Bahrain.
The certification makes Stellar the first Distributed Ledger Technology (DLT) to receive Shariah certification for payments and asset tokenization.